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Bitcoin Breakout Has Opened Doors to $25K: Analysts
Bitcoin looks north, with further gains hinging on sentiment in traditional risk assets, one analyst said.
Updated Jan 24, 2023, 8:52 p.m. Published Jan 24, 2023, 9:48 a.m.
Bitcoin's January price rally has analysts focusing on higher valuations last seen in mid-2022.
The top cryptocurrency by market value has risen almost 40% to $23,000 this month, the steepest gain since October 2021, according to CoinDesk data.
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The bounce looks impressive, considering it has cleared key resistance levels despite lingering concerns about the fallout from the bankruptcy of crypto exchange FTX. A resistance level is the price where supply is expected to be strong enough to keep prices from moving higher.
Bitcoin's October bounce ran out of steam around $21,000, establishing that as a significant price hurdle. By moving above it, bitcoin has flipped the former resistance into support.
"Bitcoin has extended its sharp relief rally, clearing resistance near $21,000," Katie Stockton, founder and managing partner at Fairlead Strategies, said in a note to clients. "The next resistance is more significant at the August high ($25,000)."
The weekly chart MACD histogram, an indicator used to gauge trend strength and changes, is producing higher bars above the zero line, a sign of improving bullish momentum. At the same time, the overbought reading on the stochastic indicator is a signal for caution on the part of the bulls.
"We remain neutral intermediate-term with the return of overbought conditions per the weekly stochastics," Stockton noted.
According to David Duong, head of institutional research at Coinbase, any rally toward $25,000 depends on traditional risk assets.
Traditional risk assets have regained poise in the past two trading days, with technology stocks leading the way higher on easing concerns of recession and a less aggressive U.S. Federal Reserve. Investors are certain that the Fed will slow the pace of tightening to a 25 basis-point rate increase on Feb. 1.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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