As at the time of typing this , bitcoin is currently trading at the price of $23,400 , though before this week I thought bitcoin would have stayed above the $25,000 price zone but it is really finding it difficult to break that zone and that shows that there is a strong resistance at that price zone.
2022 was not really a good year for the crypto market as a whole , bitcoin can be referred to as the king of crypto and so whatever happens to bitcoin tends to affect most coins especially altcoins , the bitcoin experienced a bearish season in 2022 and many people are hoping that 2023 will be bullish and better.
Looking at the monthly chart of the bitcoin market , the MACD is giving signals that the bears are presently weak on the bitcoin market , but the RSI indicator is yet to confirm if the bears have reached the oversold zone or not.
The chart is not really showing clear bullish confirmation , but since the bears are kind of weak at the moment , I think I will tip bitcoin to go higher except if the bears try to regain their strength and bring the price down again , I am also paying more attention to the resistance zone , failure to break that zone again will confirm that the bears might still gain strengths again on the market