‘To the moon’ or ‘total crash’? Bitcoin price hits new 4-month highs
, 2023-01-17 10:39:01,
Bitcoin (BTC) spiked higher around the Jan. 17 Wall Street open as nervous analysts waited for further cues.
Opinions diverge over Bitcoin’s fate
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD briefly touching $21,594 on Bitstamp, marking its highest since Sep. 13.
As bullish impulses continued to hit the chart, reactions stayed conservative amid an atmosphere of suspicion over the true source of Bitcoin’s return to form.
One such cautious take came from Michaël van de Poppe, founder and CEO of trading firm Eight, who eyed behavior around a key exponential moving average (EMA) across crypto.
“Food for thought; Total market capitalization and the altcoin market capitalization are both at the 200-day EMA’s, while Bitcoin is barely breaking it without any volume,” he noted.
“Markets are bottomed out, most likely, but gives a question whether we’ll be rallying from here.”
Popular trader Crypto Tony meanwhile advised “patience” when it came to going long BTC after more than a week of upside.
“Came up to the range high as anticipated yesterday. Today will be waiting for : – A push above and a retest to confirm a safe long position while we are above – A push above and a close below the range high. Short trigger,” part of analysis before the open stated.
As Cointelegraph reported, bearish predictions for the future of BTC…
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