The crypto market saw huge participation from bulls, which helped BTC cross $23900 and trigger a rally in the market.
Bitcoin found itself amidst an optimistic rally as it just fell shy of crossing $24000. On January 29, it rose to $23955, after which it shed some losses. ETH was also trading above $1600 with upbeat sentiments. Volumes of BTC were high, rising above 46% to over $25 billion. This could indicate the healthy participation of buyers in the market.
At the present rate, analysts expect BTC to cross $25000 within a week. Other cryptos, such as Solana, Polkadot, Shiba Inu, and Dogecoin, were all trading in green. The total market capitalization of the crypto markets stood comfortably over $1 trillion. Social media was full of opinion polls and discussions regarding crypto, with most sentiments bullish about the prospects of crypto in 2023.
With the slight cooling of inflation, central bankers could significantly help the markets by slowing down interest rate hikes. A huge chunk of experts believes the hikes could be softened in the upcoming Fed meeting. The jobs data in the US has also been encouraging, which could play a part in maintaining positive sentiments among investors.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $23500 on January 30, 2023, with BTC/USD down by 0.69% in the previous 24 hours, with most other cryptos trading with gains in the last day. BTC/USD is trading higher above its 20-day EMA (20,191.74).