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News/Bitcoin presses on despite bearish divergences, but momentum appears weak

Bitcoin presses on despite bearish divergences, but momentum appears weak

Jan 18 2023

last year6 mins read

Bitcoin price continues to rise steadily, however, it is clear from CVD and on-chain analysis that coins are being distributed within this range. Bitcoin volume is also starting to die off, potentially signalling the weakening of this trend. Perhaps a final push toward the nearest resistance of $22,500 may take place but the rally is likely to end around that.

S&P 500 remains at 4,024, looking to break through resistance. On the other hand, DXY continues to weaken, and is sitting at a weekly support level of 101.632, desperate for a bounce.  

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Top  altcoin gainers and losers



Bitcoin Technical Analysis

Bitcoin continues to climb higher despite losing momentum from spot buying as well as overall volume in general — both of which typically signal a bull trap before a dump. Looking at the liquidation map we can see a sentiment shift from bearish to bullish, with most if not all the liquidations mainly clustered around $16,500 - 17,500. As bearish signs keep coming up, it is likely, the coming retracement will not just be a correction before we move high but a proper drop.


Ethereum Technical Analysis

Ethereum is in the same boat as Bitcoin — the CVD tends to show distribution and volume keeps decreasing as the price slowly moves upward. Looking at liquidations there is a massive cluster of high leverage longs present around lower $1,200. Nothing looks bullish on the chart, however, if Bitcoin wants to push one final time as suggested above Ethereum will also see a nice move, but ultimately it is likely to come down again.


NFT Market Map

Only 3 out of 10 top NFT collections today recorded positive volume growth in the last 24 hours. Grails III Mint Pass (+485.22%) became the best performer as a new collection.

Despite the decline in volume growth, a KID called BEAST (-28.82%) was still able to flip Bored Ape Yacht Club and MutantApeYachtClub (-12.32%) in terms of volume traded.

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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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