Bitcoin breaches $18,000 but market rally could be short-lived
Jan 12 2023
Bitcoin showed exhaustion and bearish divergences around $17,400, but a late leg-up is common for squeezing shooters and switching general bias from bearish to bullish.
This last move, pushing the price up above \(18,000, is likely to be short-lived and bulls may want to remain cautious. On the flip side, if this relief rally continues we can see \)19,800 as the next resistance.
Today’s CPI release, in line with expectations, had little to no impact despite being 0.1% lower which is also surprising as food and energy costs continue to increase.
ETH added 4.88% to its value today, pushing the price closer to $1,400 and ADA (+6.14%) was the only asset in the top 10 to outperform it.
Meanwhile, the S&P 500 touched 4,000 for a brief moment and is currently testing resistance around 3,996. DXY continues to break down, sitting at 102.5 for now.
Top altcoin gainers and losers
Gainers
- Avalanche AVAX (+24.89%)
- FTX Token FTT (+18.24%)
- NEAR Protocol NEAR (+14.87%)
Losers
- ApeCoin APE (-1.83%)
- Bitcoin SV BSV (-1.63%)
- Unus Sed Leo LEO (-0.89%)
Bitcoin Technical Analysis
Bitcoin has surpassed our highlighted target and could go as high as $19,800, which is where our sell-side imbalance finishes. However, looking at the current market structure there is no bullish narrative supporting this move and we wouldn’t be surprised if the price drops sharply in the near-term.
Ethereum Technical Analysis
Ethereum also broke through \(1,370 and tested \)1,400 before getting rejected. Ethereum is following in Bitcoin’s footsteps but unlike Bitcoin, it was able to break its local top present at \(1,350 and made a new range top. If it can print higher, \)1,550 is the max, otherwise somewhere in the low $1,200 should be seen soon.
NFT Market Map
Mutant Hound Collars (+344.35%) welcomed more fresh buyers and smart money traders today as the floor price plunged to as low as 1.4 ETH following its burn reveal on January 11.
Apart from Art Blocks Explorations (-59.08%), all the NFT collections in the top 10 saw a rally in trading volume in the past 24h.
Bored Ape Yacht Club (+360.16%) and MutantApeYachtClub (+105.99%) recorded impressive gains in volume thanks to Yuga Labs’ plan for ecosystem expansion, starting with a free mint and a skill-based game.
Coin360 Daily Digest
Here’s a rundown of the major crypto market news from today.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.
