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Bitcoin, Ethereum, Dogecoin Trade Higher — Why This Analyst Is Calling A Bull Market As 2023 Unfolds

Major coins gained upward momentum on Monday evening, as the global cryptocurrency market cap rose 0.85% to $805.75 billion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin (CRYPTO: BTC) 0.3% -1.6% $16,687.80
Ethereum (CRYPTO: ETH) 1.15% -1.3% $1,215.03
Dogecoin (CRYPTO: DOGE) 1.9% -5.9% $0.07
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Lido Dao (LDO) +13.35% $1.21
Solana (SOL) +12.8% $11.25
BitDAO (BIT) +11.7% ​​$0.37

See Also: Is Bitcoin A Good Investment In 2023?

Why It Matters: Bitcoin and Ethereum were seen in the green on Monday evening even as stock futures traded flat. S&P 500 and Nasdaq futures traded 0.1% higher and unchanged, respectively, at the time of writing.

Cryptocurrency trader Michaël van de Poppe said that he would like Bitcoin to hold above the $16,600 level which would “result into continuation towards $17,000.”

In a separate tweet, Van De Poppe pointed to a “Green candle” on Bitcoin’s chart and said it was a “bull market.” A green candlestick implies that the opening price of Bitcoin on that day was lower than the closing price on the same day.

Santiment noted that the next U.S. Federal Reserve meeting on interest rate policy is over four weeks out. Cryptocurrencies could be “gathering some [bullish] momentum to kick off 2023,” said the market intelligence platform.

Apart from the distant FOMC meeting, the dollar index ready to “take another leg down” was pointed as a factor that could support a rally for cryptocurrencies by Santiment. The dollar index measures the strength of the greenback against a basket of six other currencies.

Bitcoin Range — Courtesy Santiment

“If Bitcoin can break the 51-day range we've been stuck in, we may attempt towards the 20-21K region,” said Santiment. However, if it fails to break the top side of Santiment’s range it could be headed toward the $14,000 mark. 

Even so, the hangover from 2022 continues in the new year.

On Monday, Gemini exchange co-founder Cameron Winklevoss accused Digital Currency Group CEO Barry Silbert of “bad faith stall tactics” in the resolution of a dispute over redemptions of Gemini’s Earn product. The $900 million dispute arose after the Sam Bankman-Fried-led FTX cryptocurrency collapsed.

Read Next: Cryptocurrency Attacks Slow In December, Resulting In Year's Lowest Monthly Loss

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