- Bitcoin market cap rises to $407 billion over the week
- The candle chart closes in green indicating good market condition
- BTC enthusiasts anticipate the beginning of a bull run after the third bullish pattern on the chart this weekend
The second week of January 2023 opens with Bitcoin shooting up 22.80% in the 7-day chart. BTC finally breaks away from the under $20 line. The world’s largest cryptocurrency has had the strongest week since February 2021.
Do the green signals on Ethereum and the other altcoins indicate a possible bull run in Q1?
Crypto markets are picking up pace in the last four days as the virtual tokens break out from their previous resistance line to higher. The traders are betting on a bull run this week.
Bitcoin at $21K
According to CoinMarketCap data, Bitcoin rose on January 13, showing green candles closing at $19K and then at $20k. On 15 Jan, the world’s oldest coin managed to stay strong to rise to $21k.
Currently, BTC’s support line is at $20,600 while the resistance line is at $21,300. The small gap between the two indicates stability and volatility in the market.
Furthermore, the Relative Strength Index (RSI) is at 88.59. The RSI basically checks the momentum of the coin between 0-100. If the RSI is near 100, it indicates a strong momentum of the coin meaning it’s overpriced.
Should we anticipate a bull run?
It only took 2 months for Bitcoin to recover from the shock waves of the $32B crypto exchange collapse. This alone shows how strong BTC is and how resistant it can be when it comes to financial crises.
Seeing the green candles has freshened up the eyes of traders as they celebrate the earnings from the positive movement.
Does this mean Bitcoin will go long or is it just a short movement? There’s a great buzz of excitement among analysts, traders, and crypto enthusiasts as the coin constantly rose for 12 days.
Since this was an unexpected rally, lots of speculations surround the experts. Nonetheless, many factors will define this week and the rest of the month’s position of BTC prices.
The most important is the US Fed CPI coming in February. If the consumer price index comes less to indicate less inflation rates, then we can expect Bitcoin to rise. However, the World Bank has predicted a global economic recession for 2023, which might affect BTC prices to some extent.
Ethereum and Altcoins prices:
- Ether prices rose 3.12% in the past 24 hours and are currently trading at $1,500. This is the first time the second-largest coin reached this position since October 2022.
- Solana becomes the biggest gainer of the 7d chart with a 45.52% price increase to $23 after it dropped to $11 due to Alameda’s collapse.
- Polygon (MATIC) breaks out from the $0.8 range to $1 with 20.42% on the 7-day chart.
- BNB coin rises to $305 with 2.17% gains in the 24h chart.
- Traders HODL over the first Solana-based meme coin, BONK INU.