Bitcoin, Ethereum, Dogecoin Trade Higher — Why This Analyst Is Calling A Bull Market As 2023 Unfolds
By Benzinga
Major coins gained upward momentum on Monday evening, as the global cryptocurrency market cap rose 0.85% to $805.75 billion.
| 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 |
| 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.”
That's going according to plan.
Holding $16,6K for continuation and took some highs.
I'd like #Bitcoin to still hold above $16,6K as that would result into continuation towards $17K. https://t.co/Tlh3Jdpx8H pic.twitter.com/UtclQesPaO
— Michaël van de Poppe (@CryptoMichNL) January 2, 2023
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.
Green candle for #Bitcoin. Bull market. pic.twitter.com/N1U9sVDB83
— Michaël van de Poppe (@CryptoMichNL) January 2, 2023
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.
With fireworks done and the latest #Fed meeting over 4 weeks out, #crypto could be gathering some #bullish momentum to kick off 2023. Our latest community & #NFTBattle submission looks at the positives of recovering #equities and a declining #dollar. https://t.co/ksTO5v2GKN pic.twitter.com/4rGxP6RDkn
— Santiment (@santimentfeed) January 2, 2023
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.
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