Bitcoin at 6-month high
Bitcoin has surpassed the $24,000 level, reaching the highest level since August 17, 2022.
Financial assets are now pricing in the expectation that the FED will raise interest rates by 25 basis points at most two more times, while the strong leading indicators of growth and the labor market alleviate the expectations of a harsh recession. While all these have contributed to the positive pricing of investment instruments, especially the crypto money market, positive pricing continues in Bitcoin. Bitcoin, which went above the $24,000 level twice yesterday, encountered resistance in this region and pulled back a bit. In the morning, Bitcoin is priced at $ 23,500, while Ethereum finds buyers in the $ 1640 region.
Bitcoin at 6-month high
The total value of the cryptocurrency market is around 1 trillion 80 billion dollars. Bitcoin dominance is 44.1, Ethereum dominance is 19.5. In global markets, especially yesterday, while Nasdaq was up by 3.5%, the balance sheet of companies such as Apple, Amazon and Alphabet, which was worse than expected, lost its taste. While the US futures indices fell close to 1% in the morning, today they are focused on the Non-Farm Employment data from the USA. The expectation is that employment will increase by 185 thousand people in January. While a partial decline is expected compared to the previous month, a slight increase is expected in wages.
Bitcoin technical analysis
Bitcoin continues its positive sideways movement and is priced at $ 23510 in the morning today. Non-Farm Employment data and Unemployment Rate data from the USA may increase volatility.
For Bitcoin, it can be expected to test the $24000 level on the upside move. Breaking this level and making daily closes above it can support a rise to $24440 and then $24900. On the downside, $23200 and then $22300 can be expected to act as support.
While the Bitcoin price is rising, the downward movement of the RSI indicates a negative dissonance in technique. It is useful to pay attention to the support and resistance levels during the day and at the weekend, as this mismatch may indicate the return of the uptrend.
