Bitcointhe world’s most valuable cryptocurrency, rose and hit $23,333 for the first time since August 19. Over the weekend, BTC breached the $23,000 barrier for the first time in five months, making it exciting for the cryptocurrency market.
Meanwhile, Ethereumthe second largest digital coin, reached $1,664.78 for the first time since November 7, 2022.
The reason for its bullish trend, on the other hand, could be attributed to institutional investors, who are increasing their holdings in anticipation of the next rise.
The price of bitcoin (BTC) has recently risen, benefiting both short-term and long-term investors, according to on-chain stats.
It’s also worth noting that the percentage of Bitcoin holders now profiting from it in the short term has risen to 97.5%, the highest level since November. Long-term BTC holders, on the other hand, have benefited from Bitcoin.
Other than that, investors have been ignoring the many issues facing the cryptocurrency industry, most recently Genesis Global Holdco LLC’s petition for Chapter 11 bankruptcy protection. As a result, BTC gains n were not affected.
Risk-On Crypto Mood Pushes Bitcoin and Ethereum to New Heights
The global cryptocurrency market has maintained its upward trend and is currently flashing green near the $1.06 trillion mark. This came after bitcoin, the world’s most valuable cryptocurrency, breached the $23,000 barrier for the first time in five months, indicating that the cryptocurrency market is entering a new era. .
However, institutional investors, who are increasing their holdings in anticipation of the next bull run, are the main drivers behind the growing demand for BTC.
Bitcoin, the world’s largest digital asset, is in an unusually bullish mood after rising more than 36% this month. Then the next major turning point in the cryptocurrency market could come at the next Fed meeting next month.
How the Bearish US Dollar is Supporting Bitcoin’s Price Rally
The decline in the value of the US dollar is another factor supporting the price of the cryptocurrency. On Tuesday, the broad-based US dollar remained on the defensive, sitting at a nine-month low against the euro and returning recent gains against the yen as traders continued to assess the likelihood of a recession. US and the direction of Federal Reserve policy. .
The US dollar index, which compares the greenback to a basket of six rival currencies such as the euro and the yen, fell 0.09% to 101.92, closing in on a 7.5-month low. of 101.51 set Wednesday.
BTC Bulls: Short-term and long-term holders win big
The price of bitcoin (BTC) has risen significantly in recent weeks, driving profits for both short-term and long-term investors, according to on-chain stats.
At the time of writing, the percentage of Bitcoin holders making short-term profits had risen to 97.5%, the highest level since November.
Long-term Bitcoin holders, according to Glassnode, have also benefited from Bitcoin.
Gemini is reducing its workforce to adapt to the new economic reality
A spokeswoman for Gemini, a cryptocurrency exchange, said CNBC Monday that the company will lay off nearly 10% of its total workforce. In less than a year, Gemini has seen at least three rounds of layoffs.
According to data from PitchBook, Gemini had 1,000 employees in November 2022, which means 100 people may have lost their jobs.
According to TechCrunch, Gemini previously reduced its workforce by 7% in July 2022, following a 10% reduction the previous month.
As a result, while this could be considered negative news, it has so far had no negative impact on the cryptocurrency market.
On the other hand, the growing number of COVID-19 cases in China will impact the cryptocurrency market. As a result, this was seen as a critical factor that could limit future gains in the price of the cryptocurrency.
Bitcoin is currently valued at $23,097 and has a 24-hour trading volume of $27 billion. Bitcoin has gained more than 1% in the past 24 hours. With a live market worth $435 billion, CoinMarketCap currently ranks number one.
Bitcoin is currently facing strong resistance around the $23,250 level with immediate support at $22,500. If the candles break below the $22,500 level, a bearish correction will most certainly begin and last until the $21,500 mark is reached. If Bitcoin falls below $21,500, it could drop as low as $20,450.
The RSI and MACD indicators are overbought, but the recent bullish engulfing candle signals the chances of a continuation of the uptrend. On the upside, the immediate resistance level for Bitcoin is $23,250, and a break above this level could expose BTC to levels as high as $23,900 and $25,150.
The price of Ethereum in the last 24 hours was $1,635, with a trading volume of $8.3 billion. ETH/USD found immediate support at $1,610, and candles closing above this level should trigger BTC higher.
On the upside, ETH should face immediate resistance at $1,675, and a bullish cross above this level could expose ETH to $1,750.
On the downside, a bearish breakdown from $1,610 could open up additional selling space down to $1,550.
CryptoNews Industry Talk has reviewed the top 15 cryptocurrencies for 2023. If you are looking for a higher potential investment opportunity, there are plenty of other projects worth considering.
The list is updated weekly with new altcoins and ICO projects.
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