(Kitco News) – The crypto market kicked off its next rally late in the trading day on Friday as Bitcoin (BTC) rallied above $22,700 for the first time in more than four months after trading sideways last week. The rally helped lift the total crypto market cap above $1 trillion.
And the positive momentum was not limited to cryptos, as the stock market rose throughout the day, leading to a finish in the green for the S&P, Dow and Nasdaq, which closed the day up 1.89%, 1.00% and 2.66%. , respectively.
Data from TradingView shows that after a brief early morning dip below support at $21,000, Bitcoin bulls charged higher in the afternoon session to push the crypto top to a daily high of 22,775. $, a price that was last seen over four months ago on September 13. .
BTC/USD 1-day chart. Source: Trading View
The possibility of upward movement was predicted in the morning Bitcoin update by Kitco senior technical analyst Jim Wyckoff, who pointed out that “a bullish flag or pennant pattern [appeared] form on the daily chart.
Based on the chart pattern, Wyckoff determined that Bitcoin bulls “have the overall short-term technical advantage amid an upward price trend in place on the daily bar chart. Price resistance remains sideways to the top.
Market analyst Rekt Capital pointed out that Friday afternoon’s rally brought Bitcoin closer to its 200-day moving average (MA). Traditionally, a rally above the 200-MA has been a clear signal that the bear market is over and a new bull cycle has begun.
—Rekt Capital (@rektcapital) January 20, 2023
Eight Global founder Michaël van de Poppe posted the following tweet offering a realistic projection of how things might unfold over the course of 2023.
This year, we will likely have a 2-4 month window in which the markets experience a strong relief rally.
This may already be the case right now.
A rally towards $35K is therefore possible for #Bitcoins.
Be ready, maximize, accumulate this year and you will be golden.
— Michael van de Poppe (@CryptoMichNL) January 20, 2023
And technical analyst Gert van Lagen has shown what’s possible if Bitcoin goes into full-fledged beast mode and finally gets the boost that many cryptocurrency investors have been anticipating since the start of 2021.
$BTC [1D]: Potential form of incoming super macro blowout top I expect.
The implications of the main diagonal 1-2 are also serious.
— Gert van Lagen (@GertvanLagen) January 20, 2023
Altcoins are skyrocketing
The afternoon rally in BTC proved to be a boon for the altcoin market as prices across the board rose much to the delight of crypto investors everywhere.
Daily performance of the cryptocurrency market. Source: Coin360
As of this writing, the biggest gainer of the day is Hedera (HBAR), which climbed 33.1% to $0.0779, followed by a 22.64% rise for Aptos (APT) and a gain of 19.35% for Render Token (RNDR).
The overall cryptocurrency market capitalization now stands at $1.027 trillion, and Bitcoin’s dominance rate is 41.7%.
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