Bitcoin keeps market guessing ahead of GDP numbers this week
Jan 24 2023
Even though Bitcoin and the wider market has been showing signs of exhaustion, bears are not going to have wins handed to them as the market leader continues to hold on to $23,000.
With volatility on the decline in the last 24 hours, the market’s direction remains indecisive and market participants will be looking toward the GDP numbers this week followed by the monthly close.
Meanwhile, the S&P 500 has maintained a bearish structure since no new high was printed, but we did see some volatility to visit 4,007 before bouncing back up to 4,030. DXY is slowly starting to break drown from 102, but it’s too early to tell.
Top altcoin gainers and losers
Gainers
- Threshold T (+106%)
- Kava KAVA (+10.53%)
- Quant QNT (+9.8%)
Losers
- Axie Infinity AXS (-3.8%)
- Curve DAO CRV (-3.6%)
- Compound COMP (-2.4%)
Bitcoin Technical Analysis
Bitcoin remains trapped in a tight range but volume is starting to dry up as seen below. This, coupled with bearish futures data, indicates that a correction is likely next. Our first target remains the same, at $17,500, but if BTC crashes it is likely for the dump to continue lower mainly due to the amount of distribution we’ve seen in the relief rally.
Ethereum Technical Analysis
Ethereum is making a clear bearish structure with lower highs and lower lows. \(1,600 is protected for now but it's only a matter of time until it drops below. Bearish divergences are growing on the H4 timeframe and sooner or later we will see a dump that will look obvious in hindsight. We can see buy walls being placed for around \)1,450 so that remains our first area of support for now.
NFT Market Map
Yuga Labs’ collections did well again today, with SewerPass topping the chart in terms of volumes, while Mutant Ape Yacht Club and Bored ApeKennel Club were also in the green.
Other notable collections that saw increased volumes included Azuki, BEANZ and CloneX.
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.
