Cryptos poised for another markup
, 2023-02-01 17:58:53,
- Bitcoin prices are up 3% on the day and could rally toward the $25,000 barrier.
- Ethereum price is up 4% on the day and shows potential for a 30% rally.
- XRP price shows congestion near the current market value but could rise an additional 9%.
The crypto market is witnessing an influx of buying interest. Key levels have been marked to assess where the uptrend move may find its next resistance.
Bitcoin price ready to move higher
Bitcoin price currently auctions at $23,746. The 3% move to start the beginning of February is a positive gesture of gains to come. During January, the bulls established a swing high at $23,960. The ongoing uptrend move will likely take out the liquidity above the mentioned price level and conquer terrain within the $24,000 price zone.
Because the 8-day exponential moving average has catalyzed the recent surge, and the 21-day simple moving average has yet to be retested during January’s 40% hike, the Bitcoin uptrend seems poised to rally considerably. A conservative target would be the $25,000 price territory, resulting in a 7% increase in the current market value.
BTC/USDT 1-day chart
Invalidation of the uptrend thesis could occur from a breach below the recent swing point at $22,481. In doing so, the bears could produce further decline likely to target the psychological $20,000 level resulting in a 15% decrease from the current Bitcoin price.
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