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BTC Still Weak! Earnings Are Insufficient

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Although it has started on a fast-growing path, BTC is showing signs of weakness, according to plan B. PlanB, an analyst who rose to fame developing a BTC Stock-to-Flow model, in a tweet today said that Bitcoin is “weak” despite recent gains. PlanB highlighted a bearish metric today, referring to Bitcoin’s Relative Strength Index (RSI). The chart of PlanB reveals BTC RSI slightly above 40 in the period of the month.

The analyst urged investors to be patient, stressing that this is all part of the price process. The announcement comes despite three consecutive winning sessions since January 1. BTC closed the first day of the new year with a gain of 0.45% and ended January 2 with an increase of 0.34%. The stock almost ended on January 3 flat. However, it recorded a small gain of 0.01%.

Meanwhile, other analysts, such as Duo Nine, are worried about the performance of the asset as it focuses on the $17,000 price level. He said that a break above $17,000 could trigger FOMO behavior that would attract more interest in the market.

Duo Nine cited another famous analyst, Crypto’s Il Capo, who is still running the market to this day. il Capo thinks that BTC is about to visit the $12,000 area. The last time BTC saw this status was October 2020. For several months, the researcher was still convinced that a price reduction of $12,000 would result in a change.

He reiterated that position today. The country has been torn between bearish and bullish forecasts as BTC is giving mixed signals after a dramatic end to last year. The previous report confirmed the different forecasts of the analysts which make it clear that the asset is currently undervalued. While market watchers like JA Maartun believe that BTC is worthless, others including MAC_D believe that it is not yet.

BTC Price Analysis

The stock is enjoying a multi-day rally that could see it return to a price of $17,000 for the first time since December 16, 2022. BTC’s bullish start today saw the asset hit a high of $16,919 on the day before facing price rejection.

Despite the retracement, the stock is sitting above the first point of resistance at $16,791. BTC is currently targeting the second important stability at $16,893, after which the asset can find a price above $17,000, and its third stop at $17,078 in the event of an extension of the rally.

If the stock does not stop above the first stop at $16,791, a break below that level could bring the first support zone of $16,606 into the picture. This will happen if BTC does not hold above the pivot point at $16,708. A strong sell could take the stock to the second important support at $16,523. The stock is trading at $16,833 at press time, up 0.63% in the past 24 hours.

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