Bitcoin crossed its resistance at $21000 to further rally and induce a fresh spell of optimism in the markets.
A new rally has shaped the crypto markets as most altcoins bounced back to trade higher than earlier levels. On January 21, BTC rallied over 2% to trade above $23200 but drifted back below $23000 after a while.
Sentiments are still buoyant in the markets, which saw the highest levels of BTC in the last few months. Starting the new year near $16500, Bitcoin has risen by over 40%. ETH is also trading in the green, helping BTC pull up the crypto markets to new highs.
Analysts continue to maintain a cautious stance as traders may start booking profits. Though most have maintained bullish perspectives, the crypto markets may witness high volatility in the next few weeks. The ongoing rally has provided a much-needed respite to all stakeholders of the industry, including exchanges and miners, who could see their revenues rise due to increasing trading activities and BTC’s higher prices.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $22900 on January 22, 2023, with BTC/USD up by 0.48% in the previous 24 hours, with most other cryptos trading with gains in the last day. BTC/USD is also trading higher above its 20-day EMA (18,227.32).