• Bitcoin price has found support around the $16K level and has since seen an incredible rise.
• Analysts have noted choppiness in Bitcoin’s current trading range, with resistance levels at $22,750 and $22,900, and support levels at $22,600 and $22,400.
• Analyst Kaleo has noted that Bitcoin is slowly but surely squeezing back to the highs, making late shorts pay.

The world’s premier cryptocurrency is seeing a resurgence in its price action, with Bitcoin (BTC) having found support at the $16,000 level and subsequently rising to new highs. This rise has seen the 100-day and 200-day moving averages of BTC being surpassed, respectively, at $18K and $19.6K. Over the past few days, a profit-taking pullback has allowed the price of bitcoin to rebound to the $23,000 price range, with analysts charting the course of Bitcoin as the market cools.

CrediBULL Crypto, an analyst, has noted a lot of choppiness in Bitcoin’s current trading range, saying that rather than a flat formation, some other complex structure is being formed. Daan Crypto Trades, another analyst, has also observed that Bitcoin is still stuck between certain levels, with resistance levels at $22,750 and $22,900, and support levels at $22,600 and $22,400.

Kaleo, yet another analyst, has noted that Bitcoin is slowly but surely squeezing back to the highs, making late shorts pay. This is an indication of Bitcoin’s strength, and analysts are expecting the cryptocurrency to eventually reach the $30,000 mark.

At the moment, Bitcoin is still locked in a tight trading range, with the market yet to decide its direction. However, considering the bullish sentiment in the market, it is expected that Bitcoin will eventually break out and continue its bull run. Investors, therefore, are advised to keep an eye on the price action and capitalize on any opportunities that may arise.