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January 20, Bitcoin is on a bull run, breaking above a double upper resistance level of $21,600 which exposes BTC towards the $22,500 level. Ethereum also breached a major resistance zone at $1,610 and is closing the candles above this level, opening more buying opportunities up to $1,675.

The Chinese New Year approaches on Sunday, January 22, which often leads to market volatility.

The biggest national holiday in China is called “Golden Week” and has 12 days of celebrations with different animal themes. In 2021, the theme of the year is “The Year of the Dog”, which begins on June 18, and 2023 will be “The Year of the Rat”.

Shanghai and Shenzhen stock exchanges will be closed from January 23 to 27, 2018 due to the Lunar New Year holiday period. This will impact the stock market and global trading volumes accordingly.

Therefore, there is more incentive for customers to manipulate assets during the holiday season, especially since there is a gain in profit if you are able to sell before December 28th.

Is there a correlation between Chinese New Year and Bitcoin price declines?

Bitcoin is usually red in the weeks leading up to Chinese New Year. In 2019, the price steadily dropped from $3,491 on January 1 to $3,397 on February 2. It is typical for cryptocurrencies to fall at the start of a new year. They tend to be buoyed by the holidays and then fall back after.

By Thursday, prices had recovered somewhat and were valued at $8,526 by Friday morning. This story has repeated itself before, which will lead investors to predict the end of its future trajectory

A gradual rise followed by a huge rise in tech stocks happened in the first week of February, with a big 2-day rally to end the week.

After the Chinese New Year event, prices started to come back a bit to $46.2k. Luckily, that didn’t wipe out all the gains made before the Chinese New Year.

In 2022, Bitcoin prices fell sharply to around $37,000 just before the holidays. For the rest, bitcoin saw a price spike around $39,000 just before the Chinese New Year.

bitcoin price

The price of Bitcoin today is $21,837 with a 24-hour trading value of $23 billion. Bitcoin is up 3.39% in the past 24 hours and currently ranks #1 on CoinMarketCap with a live market cap of $420 billion.

Bitcoin, BTC, hits the $22,500 mark and approaches the $23,000 mark. It is on an uptrend and will likely continue during this time frame.

Over the 4-hour time frame, Bitcoin has formed “three white soldiers” and a break of this double upper resistance suggests chances for a continuation of the uptrend.

Bitcoin price chart – Source: Tradingview

Right now, Bitcoin is near the $1,675 resistance level and will likely continue higher until it hits the $1,760 level. If an upside breakout occurs, it would be wise to take advantage of the upside that has opened up more room for buying.

Ethereum Price

The flow Ethereum the price is $1,621.48 with a 24-hour trading volume of $7 billion. Ethereum is up 4.38% in the last 24 hours and is currently ranked 2 by CoinMarketCap with a market capitalization of $198 billion.

Ethereum broke out of the resistance zone that was preventing a break to new highs, the close of the candles above this level opens up more buying opportunities. It is currently trading at $1,657

Ethereum price chart – Source: Tradingview

The ETH/USD pair is rising in value right now and has a major resistance level at $1,610. The closing of the candles above this resistance level supports the trend which could be bullish.

On the 4-hour time frame, the ETH/USD pair has formed a sideways channel and is currently in an uptrend which is support at $1,600. A breakout could expose ETH near $1,515.

Get a head start: 3 pieces to watch during the presale

Investing in altcoins at the pre-sale stage can be a very rewarding experience for investors. By carefully researching and following the recommendations of major altcoins, they can be in a great position to capitalize on the potential of these coins.

Fight (FGHT)

To fight is a practical and economical way to stay in shape. By purchasing their FightOut tokens, you can access expert personal training services at low cost, allowing even those on a tight budget to reap the benefits of exercise.

The FGHT presale was a huge success, raising $3.11 million. All avatar-related activity has been documented, giving you a great resource to judge your actions. You only have a limited time to get 60.06 FGHT for every dollar spent (in ETH or USDT).

Additionally, market predictions indicate that FGHT prices will rise as the selloff continues, so act fast and seize this opportunity.

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C+Load (CCHG)

C+Fees launches a revolutionary blockchain-based payment system for owners of electric vehicles. When charging for the first time, users will receive carbon credits, with the ultimate goal of significantly reducing greenhouse gas emissions.

This game-changing technology has the potential to completely transform the long-established carbon credit market, which has been heavily dominated by a small group of people. It creates a level playing field and allows many companies to participate in this sector.

The Voluntary Credit Market (VCM) is expected to grow to an impressive $100 billion by 2030. C+Charge, a market leader in this space, is taking the lead and successfully raised over $335,000 in its pre-sale , indicating that the industry is developing rapidly.

Visit C+Charge now

Meta Masters Guild (MEMAG)

The Guild of meta-masters grew tremendously, going from $200,000 to $550,000 in just a few days. This phenomenal rise suggests that the public has placed a high level of confidence in the future expansion of the company and its ability to generate profits. Meta Masters Guild will release its first mobile game in Q3 2023.

MEMAG, their own cryptocurrency, allows users to exercise governance rights, engage in staking activities, and purchase items and NFTs on the network. Additionally, they intend to develop play-to-earn and Web3 games to provide even more interesting gaming experiences.

Early investors have a limited window of opportunity to participate in the MEMAG sell, which currently provides 1 MEMAG for $0.01.

However, this price is expected to rise in less than two weeks, so interested buyers should act quickly if they wish to secure the currency at the lowest possible price. Don’t miss this incredible deal, which has seven phases!

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Find the best price to buy/sell cryptocurrency

Cryptocurrency Price Tracker – Source: Crypto news





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