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The price of Bitcoin (BTC) hit a three-week high after Sunday’s break above $17,000. Continued bullish crypto sentiment could push Bitcoin price towards last December’s high of around $18,300. However, tension in the Bitcoin and cryptocurrency market remains high in the coming weeks with DCG insolvency fears.
Additionally, Fed Chairman Jerome Powell is expected to speak on key monetary policies tomorrow and Consumer Price Index (CPI) data is due later this week.
Nonetheless, the crypto market received bullish sentiment from several analysts backed by key on-chain data. For example, data from the Glass node on open futures shows more calls than sells – the buying and selling of underlying assets, respectively – on Bitcoin transactions in the first quarter of 2023. Notably, the market Open Bitcoin futures are used as an indicator of liquidity and volatility on spot prices.
As the FTX and Alameda debacle continues, analysts believe crypto prices have already priced in these events. So the ongoing fiasco between Digital Currency Group and Gemini Earn clients could signal the end of the 2022 bear market.
Take a closer look at Bitcoin price action
According to CryptoQuants on-chain analyst VentureFounder, the Bitcoin market is at a crucial crossroads that could lead to a 20% explosion. After retesting the $16,300 support for the past two months, VentureFounder believes Bitcoin price is on the verge of a major breakout.
Bitcoin has been stuck between $16,000 and $18,500 for 2 months now. Watch this range very carefully, a breakout in either direction can lead to 20% volatility, which could happen soon. A definite break of $16,000 could see $13,000, make support $18.5,000, we can see $22.5,000, the analyst noted.
After outlining the fundamentals on Bitcoin and Ethereum, including inflationary data and historical analysis, Zhuoer concluded that the latter will be out of the bear market sooner than the former.
Meanwhile, the global cryptocurrency market capitalization today is $887 billion, up around 3.3% in the past 24 hours. Bitcoin has a market dominance of around 37.4% while Ethereum follows with 17.9%.
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Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiemh0dHBzOi8vY29pbnBlZGlhLm9yZy9wcmljZS1hbmFseXNpcy9iaXRjb2luLXByaWNlLXRyYXBwZWQtYXQtY3J1Y2lhbC1jcm9zc3JvYWRzLWRlc3BpdGUtd2Vla2VuZHMtc3VyZ2UtYWJvdmUtMTdrLWFuYWx5c3Qv0gF-aHR0cHM6Ly9jb2lucGVkaWEub3JnL3ByaWNlLWFuYWx5c2lzL2JpdGNvaW4tcHJpY2UtdHJhcHBlZC1hdC1jcnVjaWFsLWNyb3Nzcm9hZHMtZGVzcGl0ZS13ZWVrZW5kcy1zdXJnZS1hYm92ZS0xN2stYW5hbHlzdC9hbXAv?oc=5 The mention sources can contact us to remove/changing this article |
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