Bitcoin finally breaks above $17,000 with alts rallying behind it
Bitcoin had been showing signs of a potential breakout in the last few days, and it finally happened over the weekend as the market leader broke above $17,000. The recent surge sent BTC back to levels not seen since mid-December as macro data hinted that the Fed’s current interest rate hikes had a positive impact on inflation. Currently trading trading at $17,200, we don’t see any major bearish divergences yet. However with Powell's scheduled speech this week, market participants may want to remain cautious.
With this rally, ETH (+4.39%) and other major altcoins in general outperformed BTC. Some cryptos in the top 20 saw double-digit spikes today, such as ADA (+11.01%) and SOL (+18.98%). With a massive 68.09% rise, GALA entered the top 100 crypto list today.
Meanwhile, the S&P 500 has broken 3,920 which was our previously mentioned point of interest. It is starting to face a ceiling but currently is on its way to test 3,950. DXY on the other hand has taken a major fall and made new lows at 103.3, allowing markets to bounce.
Top altcoin gainers and losers
Bitcoin Technical Analysis
Bitcoin has had a decent run from $16,300 up to $17,250 and could go higher toward $17,500. However, it is far too early to call this a market reversal. If we apply the discount premium model it highlights $16,800 as our next target, after which we could move either way. This level also aligns with the major liquidation cluster, which adds confidence, hence it is better to be skeptical at this point.
Ethereum Technical Analysis
Ethereum has outperformed Bitcoin once again with a total gain of 15% from $1,150 to $1,320. It has certainly surpassed our expectations and the next big level is $1,350 which also marks a potential range top. Looking at the current economic situation it is unlikely for Ethereum to break through this range and go higher, but since this week holds a lot of reports and Powell is slated to speech, it is better to stay patient. Applying the discount premium model on Ethereum also conveniently gives us $1,240 as our next target which is where the liquidation cluster sits.
NFT Market Map
Captainz topped the NFT list by daily volume, but already saw an 83.74% drop due to the team’s decision to take 9% royalties after bagging 10,000 ETH ($12M) post-sale. Potatoz, its sister collection, recorded a 78.44% plunge in volume as well.
Only half of the top 10 collections saw positive growth in volume today, including Gods Unchained (+285.20%), Art Blocks Factory (+116.39%), Art Blocks Explorations (+58.40%), Art Blocks Curated (+35.82%), and Genesis Oath (+22.23%).
Coin360 Daily Digest
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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.