As volatility relatively decreased, the latest crypto market data at the beginning of the new year hinted at balanced movements for multiple tokens with BTC above $42,500.
Bitcoin began the new year with steady movements, hovering between $42,000 and $43,000. While its support and resistance levels have oscillated between the range, its future outlook remains optimistic. It ended 2023 with a great run and gains surpassing 150%. Investors could expect the bull run to continue this year as well. Meanwhile, the latest crypto market data indicates continuous momentum for BTC and other altcoins.
The initial days of the current year may witness a static trend, with the earliest triggers from the spot Bitcoin ETFs. The only concern for traders could be BTC’s 20-day moving average, which has gone higher than its trading level. If Bitcoin can cross the mark during the week and stay consistent, market sentiments could improve during January. Recently, Bitcoin’s RSI indicator has also seen positive divergence, indicating lower selling pressures.
If all macroeconomic indicators, including reduced inflation and rate cuts, occur, the crypto market may see a stable rise throughout the year. Experts presume the year may witness Bitcoin moving past its all-time highs. Improving regulatory metrics around the world is also a positive sign for probable rallies in crypto. Hence, Bitcoin reaching $50,000 within a few months is highly likely.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,600 on January 1, 2024, with BTC/USD trading higher by a margin of 0.8% in the last 24 hours. Bitcoin’s market cap was trading at around $833 billion.
BTC/USD is trading lower than its 20-day EMA (42,921.66), as BTC’s 24-hour volume was at around $15 billion. The crypto market cap decreased by around 0.20%, trading above $1.66 trillion. BTC’s year-to-date returns are above 1.45%.
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