Bitcoin witnessed an initial surge in the early hours of 24 January, but pulled back below $23000 subsequently.
Bitcoin crossed its resistance at $22900 and went over $23000 on January 24 but struggled to trade over the mark. It traded downwards to dip just below the level and hovered around $22900. BTC had risen over 1.48% to cross the resistance, while ETH was also consolidating gradually over $16000. Volumes for BTC have been over $26 billion, increasing by over 12%.
Analysts felt BTC whales had been trying hard to make the crypto cross $23000 and stay above the level but haven’t been able to do so for long. ETH could next target $1700 to induce a new rally in the crypto markets, whose market capitalization continued to stay over $1 trillion.
Amongst other altcoins, Aptos has risen the most in the last week. Experts believe that APT’s recent surge by over 60% could be due to the Chinese New Year celebrations since Aptos is popular in Asia.
BTC/USD 1 month price chart
Bitcoin is currently trading at around $22900 on January 24, 2023, with BTC/USD up by 0.04% in the previous 24 hours, with most other cryptos trading higher in the last 24 hours. BTC/USD is trading higher above its 20-day EMA (18,848.96). The new resistance for BTC is $23200, while support is $22900.