Market picture

Bitcoin rose on Wednesday on the back of stock gains and strengthened further on Thursday morning. In the low-liquid morning market, stop-loss orders were triggered, pushing the price up 4% within an hour and a half. The price climbed to $18.3K at the peak but then retreated to $18.0K.

Santiment estimates that crypto whales resumed buying in early January. In five days, addresses controlling between 1,000 and 10,000 coins increased their reserves by more than 20,000 BTC.
Realised volatility in bitcoin and Ethereum fell to extreme lows, which historically preceded explosive moves in either direction, Glassnode said.

Registering its 9th consecutive trading session of gains, Bitcoin is testing the downtrend resistance line and the area of previous local highs. Therefore, today's bitcoin momentum will likely be decisive for the next few days and may even register a long-term reversal, returning the market to the active buying phase.

On the other hand, the RSI on the daily charts has entered overbought territory as a long lull preceded the last rally. Are the bulls getting tired? We will find out in the next couple of days.

News background

Galaxy Digital founder Michael Novogratz said that we shouldn't expect cryptocurrencies to fall significantly, but it's too early to talk about a broad recovery. According to him, the cryptocurrency industry needs time to lick its wounds and restore confidence. But BTC and ETH have stabilised in recent months and have even risen in recent days.

Bloomberg strategist Mike McGlone said he believes in the future of the first two cryptocurrencies. Bitcoin and Ethereum will perform better than other assets, but they will still come under pressure when the stock market falls. McGlone is confident that ETH will hold support at $1,000.

According to Glassnode, the popularity of the stable USD Coin (USDC) has risen sharply since the collapse of FTX. Users are more likely to choose this stablecoin because of monthly audits by accounting firm Grant Thornton on USDC and the collateral of short-term US government bonds.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP