Bitcoin Teases Weekly Highs As Traders Eye BTC Price Leg Up To $17.3K

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Bitcoin (BTC) edged closer to $17,000 on January 3 as Wall Street’s first open of the year loomed.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewConsensus built for a new attack on $17,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting highs of $16,766 on Bitstamp, its best showing since Dec. 27.

Analysts and traders were eagerly awaiting the start of trading on Wall Street after European stocks posted gains the day before and US futures followed suit.

As Cointelegraph reported, stocks and gold had looked much more palatable than Bitcoin since FTX collapsed in November.

If BTC is finally ready to join the party, I could see it reaching ~17.3K as pictured below, popular Crypto trader Chase wrote in part of the January 2 analysis.

Another Cold Blooded Shiller account also posted $17,300 as a target of interest for the bulls if the S&P 500 in particular played in their favor.

Despite a market-wide rebound, BTC is still below key resistance around $17,300, Rekt Capital added of the BTC/USD monthly chart.

BTC/USD annotated chart. Source: Rekt Capital/Twitter

Ahead of the open, the US Dollar began to experience volatility, retracing a quick bullish day of action that took the US Dollar Index (DXY) above 104.8 for the first time since the mid -December.

Local move above the weekly from the support I had marked on USD/EUR, trader PA Luckshury wrote in an update today.

If it can hold above the weekly, I would expect DXY to rise further and therefore ES/Crypto to fall. This is again based on whether it can hold this weekly level in support. One-hour candle chart of the US Dollar Index (DXY). Source: TradingViewBTC Avoids Rising DCG Tensions

Meanwhile, internal events have had noticeably little impact on BTC price strength, with those taking the form of worries about potential issues for Digital Currency Group (DCG).

Related:The United States will see a new inflation spike 5 things to know about Bitcoin this week

Amid lingering doubts over the fate of the corporate conglomerate group, including Grayscale, operator of the largest institutional bitcoin investment vehicle, the Grayscale Bitcoin Trust (GBTC), one client in particular has publicly taken DCG to task.

In an open letter to DCG CEO Bary Silbert, Exchange Gemini co-founder Carmeron Winklevoss demanded answers.

Gemini funds tied up since the start of the FTX debacle total nearly $1 billion, Winklevoss said, reiterating the need for DCG to meet the Jan. 8 deadline to “fix this.”

Silbert, formerly a vocal on social media, had yet to respond to the letter at the time of writing.

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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