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Bitcoin Has Approved a Reversal to Growth but Needs Tactical Respite

Skylar Shaw

Jan 17, 2023 15:26

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In the last week, the price of bitcoin increased by over 23%, surpassing $21K. To $1570, Ethereum increased by 20%. Other top-ranked cryptocurrencies in the top 10 increased by 9% (BNB) to 50%. (Solana). Reentering the top 10, Solana has displaced Polygon.

It is clear that Bitcoin was outperforming at this time, which is simply explained by the stock market's upturn last week.

The first Bitcoin also reacted well to technical cues. On January 4, bitcoin secured a position above the 50-day average; since then, it has closed every day with gains. Growth accelerated as a result of a consolidation above the prior local high and a breach of the downtrend resistance. On Friday, BTCUSD closed above the 200-day average, adding to the weekend's upbeat trend.

Trading around the $21K mark returned quotations to the region prior to the FTX disaster, and this is a fresh challenge of the neighborhood highs. Since Bitcoin seems to be overheated locally, traders may want to be aware that the market will need to have a little pullback toward $19.5K before experiencing another surge.