Crypto and BTC Price Update: Bulls Defend Bitcoin Above $20,000
The market is defending Bitcoin at $20,000 but traders are sounding alarms of the cryptocurrency being overbought already.
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Good day. We are reviving BitPinas Daily, where we look at the price of bitcoin, ether, and the major cryptocurrencies. Crypto is global but news is 24 hours. We bring you the market updates you might have missed here and abroad.
Bitcoin almost always stayed above the $20,000 level in the past 24 hours, a clear sign of bullish market participants trying to defend this psychological price level.
Bitcoin Back at $20,000
Bitcoin closed Saturday at $20,961.34, a 5% increase from the previous day. Bitcoin almost always stayed above the $20,000 level in the past 24 hours, a clear sign of bullish market participants trying to defend this psychological price level. (The $20,000 level was the previous all-time high of Bitcoin in 2017. It took three years (Dec. 2020) before Bitcoin reclaimed the $20k level.)
Bitcoin achieves a daily high of $21,095.18, bringing the cryptocurrency back to levels in early November, just before the news about crypto exchange FTX set off a price and market collapse at the end of last year.
Market Capitalization. The total market capitalization of the crypto market is $1,018,764,872,892.00 which is 4.5% higher than the previous day but 38% lower than the all-time high of $1,644,159,028,163.00.
Comments around the industry
- “Amongst many of the foreshadowing metrics for this 2023 breakout was the rapidly growing amount of addresses holding 100 to 1,000 $BTC. Price pumps generally occur marketwide when whales accumulate #Bitcoin,” market intelligence platform Santiment said.
- “Bitcoin is on the path of recovery. Strong buying by the bulls propelled the price above the stiff overhead resistance at $18,388 on Jan. 12. This is the first indication that the bears may be losing their grip,” Rakesh Upadhay wrote in Cointelegraph.
- “Bitcoin price now trades at $20,720 after tagging a new yearly high of $21,383 as the green candle stretched its wick. A breakthrough resistance at the 200-day EMA (in purple) is necessary for BTC to confirm a macro bullish outlook,” John Isige wrote in CryptoNews.com.
Trade responsibly
- “This is as good of an area to take profit as any- 200d EMA here, supply zone, etc. Overall move looks a bit overextended and a pullback should be coming. Still don’t think this is the overall macro bottom but let’s see,” per Altcoin Sherpa.
- “Bitcoin’s relative strength index (RSI) is currently showing BTC as overbought. According to RSI analysis, a sharp downtrend may form as the price corrects,” per Kyle White.
What’s happening?
- Brett Harrison’s mega thread about his time as President of FTX US.
- Axie Infinity remains the largest traded NFT collection.
- Why Gemini Users Are Mad at Genesis and DCG
- Justin Sun Says He’s Interested in Putting Up to $1 Billion for a DCG Asset Fire Sale
What do you meme?
That’s it for our crypto market update for January 14, 2023. Be sure to check back tomorrow for the latest market data and updates. As always, please do your own research and invest wisely.
This article is published on BitPinas: Crypto and BTC Price Update: Bulls Defend Bitcoin Above $20,000
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
