The market for cryptocurrencies experienced a mixed performance in trading after US Federal Reserve Chair Jerome Powell said that inflation is beginning to come to a close. Interest rates were raised by the Federal Reserve by 0.25 per cent. BTC increased by 3.11 percent to $23,788, while ETH broke the $1,600 mark. The BTC volume has been around $30.58 billion over the past 24 hours, up from 37.16 per cent in the last 24 hours.
The price of BTC went above even the most optimistic price forecasts last week. After testing the $22,500 support on February 1st,Bitcoin gained 6.5 per cent in five hours and has been flirting with the $24,000 level ever since. It is important to remember that the S&P 500's 40 day correlation remains above 75 per cent, so it is important to remember that it's important to remember that it's important to remember thatBitcoin has a 40 day correlation to the S&P 500.
Since January 20th, the price of ether has been struggling with the $1,680 resistance. The ascending triangle pattern and improving investor sentiment in ETH derivatives is giving hope that Ether's price could reach $1,800 or higher by the end of February.
Over the next two weeks Traders will be watching if Ether bulls can sustain the price inside the bullish triangle formation. If the macro environment allows, ETH derivatives are pointing towards a possible rally towards $1,800. The public test net of Zhejiang will be launched in February, according to developer Parithosh Jayanthi.
After giving a breakout above the range, the BTC started trading upwards by forming a Higher High Higher Low pattern. The prices hit a weekly high of $24,255 yesterday. The asset is trading in a bullish flag pattern. The bulls will have to overcome a major hurdle at the 25,200 Previous Top on 15 August 2022 and $28,500 Horizontal trendline Once the prices break and sustain above these resistances, we can expect another rally up to $32 k. If it resists at these levels, we can expect a profit booking. The strong support for the asset will be provided by $21,500.
The range of ETH was from $1,050 to $1,300. The asset finally gave a breakout above the range and started moving upwards by forming a Higher High Higher Low pattern and rallied up to $1,714. The asset has a strong resistance zone from $1,700 to $1,750 Horizontal Trendline and after making the high of $1,714, ETH has made a Doji candle with a longer upper shadow indicating that it is selling around the resistance. ETH needs to break, close and sustain above $1,750 whereas it has strong support around $1,500 200 Day Moving Average Key Market Updates.
Marathon Digital Holdings, the second largest publicly listed holder ofBitcoin, has offloaded some of itsBitcoin for the first time in two years.
MicroStrategy doesn't plan to stop trading BTC as paper loss hits $1.3 B. The company booked a loss of $34 million on its first-ever Bitcoin sale last quarter, but said it was conducted to harvest a tax loss.
The ban on criptocurrency trading should be reconsidered in the long run, according to Huang Yiping, a former member of the Monetary Policy Committee at the People's Bank of China PBoC.
The top five gainers for the week:
The Render Token RNDR is up 77 per cent.
ImmutableX IMX IMX 41 per cent was up 41 per cent.
GMX GMX grew 36 per cent.
Optimisim OP 34 per cent went up.
Fantom FTM 33 per cent was up 33 per cent.
The top five losers for the week:
Unus Sed Leo LEO 15 per cent is down 15 per cent.
Toncoin TON was down 8 per cent.
Aptos APT is 6 per cent down.
Apecoin APE is 5 per cent down.
Nexo NEXO is 5 per cent down.
The data includes only top 100 coin in terms of market value as of 8.30 hours IST on January 4, 2023. Source of data: Coinmarketcap.