Bitcoin, the king of cryptocurrencies, has broken through multiple crucial resistances since the start of the year. According to CoinGeckothe coin is now up 14% on the weekly time frame and trading at $23,008, allowing BTC to break through the $22,000 and $23,000 resistance levels that have limited the crypto’s ascent.
This year has witnessed a complete turnaround in cryptocurrency investor sentiment as Ethereum and Bitcoin reaped massive gains, along with the other major altcoins. This has led the entire crypto market to experience a resurgence in almost every aspect.
At the time of writing, the current market capitalization of the entire cryptocurrency market is $1.05 trillion, according to CoinMarketCap.
Crypto winter thaw?
Twitter has been very bullish since the coin broke its last barrier line. Analysts say the breakout of the $23,000 wall will validate entry into this year’s bull market, with some even targeting $100,000 or more in the long run.
This recent price movement has led to massive liquidations of short Bitcoin positions. There are several reasons why this BTC broke through $23,000.
When it finally pops, we’ll see a glorious divine $30,000 candle
Don’t think today is the day that will come
be careful and don’t be too greedy yet friends pic.twitter.com/22UMHUNBCv
— KALEO (@CryptoKaleo) January 20, 2023
Just a few hours ago, the NASDAQ index jumped up nearly 3% as tech stocks led the market rally. Bitcoin is strongly tied to the traditional financial space. This means that if major indices like the NASDAQ continue to rise, Bitcoin will follow along with all cryptocurrencies.
With the wider financial space peeping an economic soft landing, the rise in both crypto and the stock market will continue as the situation improves. of december Consumer price data (CPI) contributed to the optimism.
Image: Crypto News
What’s next for the Alpha coin?
Bitcoin price movement is expected to slow down a bit in the near term, some analysts said, because the next goal will be $30,000 in the weeks or months to come.
At the time of writing, Bitcoin bulls are likely to try to consolidate above its current support at $22,661 which will be retested by bears in the coming days as $23,328 resisted the uptrend. ‘today.
Investors and traders should also keep an eye on consolidation for now as market momentum may slow. The Bitcoin halving – an event that would reduce the total supply of the coin in the market – would also exert upward pressure over time.
BTC total market cap at $442 billion on the weekend chart | Chart: TradingView.com
The bulls should also keep an eye on the current situation in the traditional financial space. With the coin strong correlation Along with the stock market, Bitcoin’s future will depend on how the stock market performs as well as improving macroeconomic trends.
For now, Bitcoin holders should have enough strength to consolidate and target resistances at $24.5,000 and $25,000.
Image selected by Helvetia