BTC has crossed $21000 several times but has repeatedly fallen below the level to trade just below it.
Bitcoin formed a new resistance just above $21000 as it repeatedly fell below the mark as it crossed it. Analysts felt that crossing $21500 could once again trigger a new rally. BTC has been witnessing an all-green 2023 so far, bringing up the entire market capitalization of the crypto market along with it. Other major altcoins have also rallied after months, while ETH and BTC were the highlights in the last two weeks. Volumes of BTC reached $21.6 billion, increasing by 26.86% in the previous 24 hours.
Recent market activity indicates that both bears and bulls are in play, though a wave of optimism has gripped the market, with more long-term investors actively participating in the rally. Hopes of decreasing inflation have also borne fruit, with improved results coming from several countries. Some experts still remain cautious, though, as only a further rally could cement the crypto market’s position. The present market state is still highly volatile and unpredictable, as claimed by many experts.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $20800 on January 16, 2023, with BTC/USD down by 0.30% in the previous 24 hours. BTC/USD is still trading higher above its 20-day EMA (17,296.10), with other cryptos also trading with gains in the last few days.