Ethereum Dips To $1.8k, Cardano Price Rebounds As AI Coin Set for 10x Pump Analytics Insight
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Bitcoin started getting back on track after an unsettled year. It recently crossed the $21,000 mark. Bitcoin price more than halved last year, and it caused a widepsread concern about the future of cryptocurrencies.
The sudden fall of FTX led to an alarming call to regulate the crypto market as it also damaged the industry’s reputation. But the turbulent year has passed, and this new year has started showing bullish trends already.
Bitcoin price crosses $21,000 mark
Bitcoin price has crossed the $21K mark, and in the last few days, BTC price reached a three-month high. The market sentiments seems to be showing signs of recovery in the last few days.
It is important to consider that last year was a difficult year for the crypto market as Bitcoin price slumped by 65%. The bear market even shaked the faith of some crypto believers. Nevertheless, 2023 seems to have pumped the crypto market as signs of recovery appear on horizon.
Will BTC price keep surging?
Credible Crypto, a crypto analysis and educator, and a Bulliverse advisor tweeted that many people were caught off guard by the recent bitcoin price jump to $21,000 and are waiting for a dip to $18K to get on board.
In that tweet, he also predicted that the BTC may leave them behind and continue its bullish stretch to reach the $25,000 mark without facing any pullbacks.
Read his complete tweet: “While we are at local supply, $BTC is consolidating in a tight range on low time-frames. Funding has reset. Many caught off guard by the pump and waiting for a dip to 18k’s to get on board- I think we probs leave them behind and continue up to 25k+ without any major pullbacks.”
No need to mention that market sentiments were negative for quite a long time affecting people’s perception of the market. Though, the market has started showing positive signs and people are ready to re-enter the market.
As per the market trends, the chances are high that the bitcoin price will continue to show upward trends.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
While traders actively await the release of the Consumer Price Index (CPI) for December by the US Bureau of Labor Statistics, the crypto market has already recovered. The move comes as Wall Street banks and crypto analysts expected inflation to have declined in December.
Bitcoin price breakout above $18K for the first time in the last 2 months. The 24-hour low and high are $17,337 and $18,268, respectively. Meanwhile, Ethereum also witnessed a 7% rally in the last 24 hours, hitting a high of $1,408.
Crypto Market Rally to Continue After CPI Data?
Popular analyst Michael van de Poppe in a tweet on January 12 shared his predictions for the crypto market as Wall Street economists expected a drop in the CPI.
As per consensus, the annual inflation rate in the U.S. likely slowed for a sixth straight month to 6.5% in December. It is the lowest since October 2021. The CPI also dropped to 7.1% in November.
Michael van de Poppe believes the CPI will most likely drop further, but the expectations of a massive drop as suggested by other experts are low. He expects the CPI can come in at 6.6% or 6.7%. Thereafter, the crypto market can witness a correction, before continuing the rally.
On January 11, he shared that Bitcoin needed to hold around $17.3K, which it did. Thus, Bitcoin “will likely continue moving higher toward $18.5K.”
Wall Street Expectations on the Consumer Price Index
Wall Street banks expected a drop in the CPI for December. Economists based their reasoning on the lower energy prices in December that contributed the most to the slowdown. Gasoline costs declined nearly 12% from November to December.
CIBC, Wells Fargo, and Nomura expect inflation at 6.3%, whereas Barclays, Bank of America, JPMorgan, Morgan Stanley, and Goldman Sachs have set their expectations to 6.4%. Meanwhile, TD Securities, Citi, Credit Suisse, and BMO anticipate December’s CPI at 6.5%.
Also Read: Will U.S. CPI Data Help Bitcoin (BTC) Price Break This Key Resistance?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin price extended its increase and surged above $18,000. BTC is gaining pace and might rise towards the $19,000 resistance zone.
- Bitcoin extended its rise above the $17,500 and $18,000 resistance levels.
- The price is trading above $18,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $17,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move up towards the $19,000 resistance zone.
Bitcoin Price Rallies 5%
Bitcoin price gained pace after there was a close above the $17,000 pivot zone. BTC accelerated higher above the $17,250 resistance zone to move into a positive zone, similar to ethereum.
The price climbed above the $17,500 resistance zone to start a strong increase. The bulls even pumped the price above the $18,000 resistance zone. A high was formed near $18,367 and the price is now consolidating gains.
Bitcoin price is trading above $18,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $17,400 on the hourly chart of the BTC/USD pair. It is also well above the 23.6% Fib retracement level of the recent surge from the $17,308 swing low to $18,367 high.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $18,350 level. The next major resistance is near the $18,500 zone, above which the price might continue to move up. In the stated case, the price may perhaps rise towards the $19,200 level. Any more gains might send btc price towards the $20,000 level.
Dips Attractive in BTC?
If bitcoin price fails to clear the $18,350 resistance, it could start a downside correction. An immediate support on the downside is near the $18,120 level.
The next major support is near the $17,800 level. It is near the 50% Fib retracement level of the recent surge from the $17,308 swing low to $18,367 high. The main support is now forming near the $17,400 level and the trend line, below which the price might retest $17,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $18,120, followed by $17,800.
Major Resistance Levels – $18,350, $18,500 and $19,200.
Bitcoin price gained pace and cleared the $17,000 resistance. BTC is showing positive signs and might rise towards the $18,000 resistance.
- Bitcoin started a fresh increase above the $16,800 and $17,000 resistance levels.
- The price is trading above $16,800 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $16,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise further towards the next hurdle near the $18,000 resistance.
Bitcoin Price Gains Momentum
Bitcoin price formed a support base above the $16,650 level. BTC remained well bid and started a fresh increase above the $16,800 and $17,000 resistance levels.
There was a close above the $17,000 level and the 100 hourly simple moving average. The price traded to a new yearly high at $17,244 and broke a major barrier. It is now consolidating gains above the $17,000 level. It is also trading above the 23.6% Fib retracement level of the upward move from the $16,910 swing low to $17,244 high.
Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $16,800 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $17,250 level. The next major resistance is near the $17,500 zone. A clear move and close above the $17,500 resistance might start another rally in the near term. In the stated case, the price may perhaps rise towards the $18,000 level. Any more gains might call for a move towards the $18,500 level.
Dips Limited in BTC?
If bitcoin price fails to clear the $17,250 resistance, it could start a downside correction. An immediate support on the downside is near the $17,150 level.
The next major support is near the $17,000 level. It is near the 50% Fib retracement level of the upward move from the $16,910 swing low to $17,244 high. The main support is now forming near the $17,000 zone, below which the price might retest $16,800.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $17,150, followed by $17,000.
Major Resistance Levels – $17,250, $17,500 and $18,000.
Bitcoin price started a downside correction from the $17,000 resistance. BTC found support near $16,750 and might soon attempt an upside break above $17,000.
- Bitcoin is showing bullish signs above the $16,600 and $16,750 levels.
- The price is trading above $16,750 and the 100 hourly simple moving average.
- There is a crucial bullish trend line forming with support near $16,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if there is a close above the $17,000 resistance.
Bitcoin Price Remains Supported
Bitcoin price attempted a decent upward move above the $16,800 resistance level. BTC even spiked towards the $17,000 resistance zone, but there was no clear upside break.
A high was formed near $16,987 and the price started a downside correction. There was a move below the $16,800 support zone. The price declined below the 50% Fib retracement level of the upward move from the $16,615 swing low to $16,987 high.
However, bitcoin price found support near the $16,750 level. The 61.8% Fib retracement level of the upward move from the $16,615 swing low to $16,987 high is acting as a support.
There is also a crucial bullish trend line forming with support near $16,750 on the hourly chart of the BTC/USD pair. The pair is stable above $16,750 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $16,900 level.
Source: BTCUSD on TradingView.com
The next major resistance is near the $17,000 zone. A clear move and close above the $17,000 resistance might start a strong increase in the near term. In the stated case, the price may perhaps rise towards the $17,550 level. Any more gains might call for a move towards the $18,000 level.
Dips Supported in BTC?
If bitcoin price fails to clear the $17,000 resistance, it could start a downside correction. An immediate support on the downside is near the $16,800 level.
The next major support is near the $16,750 level and the trend line. A downside break below the $16,750 support might send the price towards the $16,500 level. Any more losses might call for a test of $16,350.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $16,750, followed by $16,700.
Major Resistance Levels – $16,900, $17,000 and $17,500.
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Bitcoin has dropped below the $18k once again following its rally earlier this week.
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The Federal Reserve raised interest rates by half a point a few hours ago.
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The total crypto market cap continues to stay above $800 billion.
Federal Reserve raises interest rate once again
The Federal Reserve announced on Wednesday that it had raised its benchmark interest rate to the highest level in 15 years. Thus, indicating that the fight against inflation in the United States is not over.
The interest rate was increased by half a point, taking it to a targeted range between 4.25% and 4.5%. This latest cryptocurrency news put a halt to Bitcoin’s recent rally. The leading cryptocurrency is down by less than 1% in the last 24 hours and is now trading below $18k. At press time, the price of Bitcoin stands at $17,737.
The broader crypto market has also been underperforming, having lost more than 1% of its value in the last 24 hours. The total cryptocurrency market cap now stands at around $860 billion.
Key levels to watch
The BTC/USD 4-hour chart remains bullish despite Bitcoin underperforming over the past 24 hours. In the last seven days, BTC has added more than 5% to its value.
The MACD line remains above the neutral zone, indicating that the bulls have not given up control of the Bitcoin market. The 14-day relative strength index of 54 also shows that Bitcoin has not yet entered the oversold region.
If the bears gain bigger control, Bitcoin could decline below the $17,090 support level over the next few hours. However, the bulls still maintain a level of control, and BTC could recover from this slight dip. If that happens, BTC could be trading above $18k soon again.
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Bitcoin price touched a high of nearly $18,400 in anticipation of today’s Federal Reserve meeting, where the US central bank was expected to raise interest rates by 50 basis points.
Volatility picked up as the Fed meeting commenced, with Bitcoin suffering a sudden pullback to $17,700. Here’s what you need to know about the last Fed meeting of the year.
No Pivot: Fed Hikes Rates 50 Basis Points
All eyes were on today’s Fed meeting and if Fed Chair Jerome Powell would follow through and soften interest rate hikes from the previously aggressive 75-basis points, to a more tolerable 50-basis points increase.
Although Powell’s speech was the most dovish in nearly twelve months of meetings, the end result was still an increase in rates, with no true pivot in sight. What this means for risk assets like crypto or the stock market, remains to be seen.
Explosive volatility struck BTC ahead of the Fed meeting | Source: BTCUSD on TradingView.com
Bitcoin Pulls Back Promptly As FOMC Meeting Begins
November CPI data came in lower than expected yesterday, prompting Bitcoin to front run today’s Fed meeting slightly.
In the hours leading up to the meeting. Bitcoin climbed to close to $18,400 at the daily high. The moment the meeting began the top brass cryptocurrency by market cap plunged by $700 in one five-minute candle.
The move could have been investors in slight profit selling the news, or potentially a shakeout ahead of a larger breakout.
Bitcoin has been entrenched in an arduous downtrend for more than a year and counting and sellers could also be taking an opportunity to exit at each sign of a rally.
Bitcoin will need to reclaim today’s high of $18,400 and push through the $20,000 range before considering a potential bottom in the crypto market.
A slightly softer Fed stance is certainly a good sign.
Featured image from iStock, charts from Tradingview.com
Bitcoin price remained strong above the $16,700 level. BTC formed a base and started a fresh increase above the $17,000 resistance zone.
- Bitcoin found support near $16,700 and started a decent increase.
- The price is trading above $17,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is eyeing more gains above the $17,400 and $17,500 resistance levels.
Bitcoin Price Eyes Upside Break
Bitcoin price declined below the $16,800 support level. However, BTC bears failed to clear the $16,700 level. The price traded as low as $16,700 before there was a fresh increase.
There was a decent increase above the $16,850 and $16,900 levels. The price cleared the 50% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low. Besides, there was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average. It is also trading near the 76.4% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $17,280 level. The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $18,000 resistance. The next major resistance is near $18,250, above which the price rise towards the $18,500 zone in the near term.
Dips Supported in BTC?
If bitcoin fails to clear the $17,280 resistance, there could be a fresh bearish reaction. An immediate support on the downside is near the $17,100 level.
The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call a drop towards $16,700. Any more losses might push the price towards the $16,200 zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $17,000, followed by $16,700.
Major Resistance Levels – $17,280, $17,500 and $18,000.
Bitcoin price gained pace for a fresh move above $17,000. BTC is rising and might climb higher towards the $18,000 resistance zone.
- Bitcoin started a fresh increase above $17,000 and $17,200 resistance levels.
- The price is trading above $16,800 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $17,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair seems to be eyeing a move towards the $17,650 resistance or even $18,000.
Bitcoin Price Restarts Increase
Bitcoin price found support near the $16,800 zone after a downside correction. BTC remained well bid and started a fresh increase above the $17,000 resistance zone.
It even broke the $17,150 level and settled above the 100 hourly simple moving average. The price gained pace above the 76.4% Fib retracement level of the downward move from the $17,315 swing high to $16,784 swing low. Besides, there was a break above a major bearish trend line with resistance near $17,000 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $16,800 and the 100 hourly simple moving average. It is trading near the $17,250 level. On the upside, an immediate resistance is near the $17,350 level.
The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $17,650 resistance. It is near the 1.618 Fib extension level of the downward move from the $17,315 swing high to $16,784 swing low.
Source: BTCUSD on TradingView.com
The next major resistance is near $18,000, above which the price could attempt a move towards the $18,500 zone in the near term.
Dips Limited in BTC?
If bitcoin fails to start a fresh increase above the $17,350 resistance, there could be more downsides. An immediate support on the downside is near the $17,150 level.
The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call for a move towards $16,750. Any more losses might call for a test of the key $16,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $17,150, followed by $17,000.
Major Resistance Levels – $17,350, $17,450 and $18,000.