Bitcoin, the king of cryptocurrencies, has been crossing several key resistances since the beginning of the year. According to Coin Geckothe coin is now up 14% on the weekly time frame, and is trading at $23,008, with BTC breaking the $22,000 and $23,000 resistance levels that have capped the crypto’s rise.
This year saw a complete U-turn in investor sentiment on cryptocurrencies as both Ethereum and Bitcoin made massive gains along with other top altcoins. Due to this the entire crypto market experiences a recovery in almost all aspects.
At the time of writing, the current market cap of the entire cryptocurrency market is said to be at $1.05 trillion CoinMarketCap.
Crypto Winter Thawing?
Twitter has been bullish since the coin broke its latest barrier line. Analyst Say a break at the $23k wall would validate entry into this year’s bull market, some even targeting $100,000, or more, in the long term.
This recent price movement led to a massive liquidation of short positions on Bitcoin. There are several reasons why this BTC broke $23k.
#Bitcoin / $BTC
When it finally breaks, we’ll see a stunning $30K god candle.
Just don’t think today is the day it’s going to happen.
Be careful and don’t be too greedy guys pic.twitter.com/22UMHUNBCv
— KALEO (@CryptoKaleo) January 20, 2023
Just this few hours ago, the NASDAQ index jump About 3% of tech stocks led the market rally. Bitcoin is heavily intertwined with the traditional financial space. This means that if the major indexes like the NASDAQ continue to go up, Bitcoin will follow suit along with the entire cryptocurrencies.
With wide financial space eye contact Economic easing, both crypto and stock markets will remain bullish as conditions improve. of December Consumer price data (CPI) contributed to the optimistic mood.
Image: Crypto News
What’s next for Alpha Coin?
Bitcoin price movements are expected to slow down a bit in the short term, some analysts said As the next goal will be $30k in the coming weeks or months.
At the time of writing, Bitcoin bulls should try to consolidate above their current support at $22,661 which the bears will retest in the next few days as $23,328 resisted today’s bullish move.
Investors and traders should also keep an eye on consolidation for now as the market may slow down. A bitcoin halving – an event that would reduce the total supply of coins in the market – would put upward pressure as it happens.
BTC total market cap at $442 billion on the weekend chart | Chart: TradingView.com
Bulls should also keep an eye on the current situation in the traditional financial space. With coins High correlation As with the stock market, the future of Bitcoin will depend on the movement of the stock market along with improving macroeconomic trends.
For now, Bitcoin holders should have enough strength to strengthen and target the $24.5k and $25k resistance.
Featured image by Helvetia
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