On January 10, Bitcoin (BTC), the world’s largest cryptocurrency, is trading with a bullish bias, heading north toward the $17,500 level. Ethereum’s (ETH) price, on the other hand, was able to surpass $1,330 this week as the overall cryptocurrency market began to improve.
The crypto market’s recent performance has been encouraging. However, the duration of the upswing remains uncertain as investors await Federal Reserve statements. It will reveal future policies, particularly the magnitude of interest rate increases.
Both bulls and bears are looking forward to the Consumer Price Index (CPI) reading on January 12. Recent drops in the CPI suggest that the Fed’s recent interest rate hikes have had a positive effect on inflation. The CPI data for December 2022 will support the notion that US inflation has peaked.
The cryptocurrency market and BTC/USD are rising because traders expect inflation to go down before the US CPI data comes out. Risky assets may appreciate if the report indicates that inflation is slowing; however, a negative surprise may prompt selling.
Bitcoin is dramatically different
Bill Miller III is a fund manager and investor from the United States. He recently confirmed his support for Bitcoin (BTC) and stated it is a different asset. During a live broadcast on CNBC, Miller III compared BTC to other assets that have struggled in the past.
He explained how the BTC network remained operational while the Feds intervened to protect the mainstream market during the COVID-19 crisis. Bill also disputed that BTC collapsed due to the significant price drop from an all-time high (ATH) of $69,045.
He criticized this incorrect analysis and clarified that the mainstream market has only increased by 70% since its low in March 2020. During the same period, the value of bitcoin increased by 190%. As a result, when measured side by side, BTC outperforms.
Bill also cautioned against judging BTC by the standards of defunct exchanges such as FTX and Celsius. He made it clear that centralized organizations like FTX, Celsius, and others are not the same as BTC.
He warned the public not to confuse volatility with value, pointing out that BTC is more volatile than the traditional market. Bill Miller III’s positive comments benefit BTC/USD because he is a well-known investor.
Bitcoin price
Bitcoin has experienced a minor bearish correction after failing to break above the $17,400 resistance level. It is now gaining immediate support as it approaches the $17,200 goal. A successful breakout of the $17,200 level could propel Bitcoin’s price to the next resistance level of $17,800.
In the 4-hour time frame, Bitcoin formed a bearish engulfing candle, indicating that the market may experience a bearish correction before exhibiting an additional buying trend in BTC.
On the bearish side, the $17,000 level is likely to act as an immediate support, and a bearish breakout of this devil can extend the downtrend until the next support level of $16,800 or $16,650.
Ethereum price
The current price of Ethereum is $1,339, with a 24-hour trading volume of $6.7 billion. On the 4-hour timeframe, the ETH/USD pair is facing strong resistance near the $1,344 level, which is stretched by a double top pattern.
The current price of Ethereum is $1,329, with a $6.7 billion 24-hour trading volume. The ETH/USD pair is facing heavy resistance near the $1,344 level on the 4-hour period, which is extended by a double top pattern. If the $1,345 level is breached, the ETH price may move to the next resistance zone of $1,370.
The closing of doji and spinning top candlesticks just above the $1,315 trading level suggests that a major gain is possible.
On the downside, the ETH price may find support near $1,330, and a bearish break of that level may allow for additional selling to $1,275. Today’s bullish tendency is dominant, so search for purchasing chances.
Source: CryptoNews
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