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News/Bitcoin and crypto markets start 2023 in the green

11 months ago6 mins read

Bitcoin and crypto markets start 2023 in the green

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With a rather rough year for the markets behind us, Bitcoin started 2023 with a move up to test $16,700. 

Now with holidays coming to an end and business starting up as usual, market participants will have more than a week to prepare for potential volatility following the U.S. CPI print for December, which will come out on Jan. 12.

This week, traders may want to watch the U.S. Initial Jobless Claims (Jan. 5), Eurozone December CPI YoY, as well as U.S. Nonfarm Payrolls and Unemployment Rate (Jan. 6).

Meanwhile, the S&P 500 has also made a 1.27% move from 3,820 to 3,860, but so far has not broken out of the bearish structure. We need to see a break of a lower high in today’s market session to build momentum for a relief rally. DXY remains weak at 103.5 with the nearest support at 101.3.

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Top  altcoin gainers and losers

Gainers

Losers

Bitcoin Technical Analysis

Looking at Bitcoin price action, we are starting to see some pressure by the bulls. Price is sticking to one of the major resistances right now, at \(16,700, and if we can break above it in the next few hours \)17,400 - $17,600 will be the first target zone. Looking at futures data we can see an influx of shorts, signaling that people are still bearish on any uptrend which further supports the idea of a potential short squeeze.

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Ethereum Technical Analysis

Ethereum has reacted much more aggressively, with almost 40,000 long positions opening on Binance futures since yesterday. This does not change our projection, however, as open interest is still heavily skewed toward shorts.

Our first level of resistance at \(1,235  is quite clear, and if Ethereum is able to test this range-high in today’s session it should be considered bullish as long as any rejection doesn’t lead to the price falling below \)1,210.

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NFT Market Map

Bored Ape Yacht Club (+123.79%) proved its dominance in the space as the collection finished 2022 with the highest floor price among top NFT projects.

Despite BAYC’s increase, its fellow Yuga Labs’ NFT collections Otherdeed (-60.87%) and MutantApeYachtClub (-20.46%) both saw pullbacks in volume today.

Meanwhile, all others in the top 10 recorded a pretty impressive surge:

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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.

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