After failing to remain consolidated over $23000 for over a week, BTC successfully crossed the mark, showing signs of resilience.
Bitcoin gained over 8% in the previous week as it traded at over $23000 as the week ended. It had been facing stiff resistance at the particular mark throughout the week, repeatedly failing to maintain its position. Bulls seem to have taken control as they steered BTC upwards. ETH also inched closer to $1600 as it tried to breach the level. The market capitalization of the crypto markets stayed above $1 trillion.
Analysts believe BTC’s bullish movements could be a sign of relief for the crypto industry, which has been under several crackdowns from authorities worldwide. The crypto markets have provided better returns than even the equity markets in 2023. All eyes are now on the Fed meeting regarding the interest rate hikes, which would decide the next course of action for the crypto markets.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $23100 on January 29, 2023, with BTC/USD up by 0.67% in the previous 24 hours, with most other cryptos trading upwards in the last 24 hours. BTC/USD is trading higher above its 20-day EMA (19,850.40). Experts believe the markets have room for movement both ways, but the sentiments remain largely positive. Slowing down the interest rate hikes could provide much-needed respite to the crypto markets.