The world’s largest cryptocurrency, Bitcoin halted its decline and climbed above the $22,000 mark. During New York trading, BTC rose 3.2% to $22,323 after a decline earlier in the day. Meanwhile, Ethereum, the second most valuable cryptocurrency, has also risen above the $1,500 mark.
According to data from Coinmarketcap, the total market cap of all cryptocurrencies is $1.03 trillion, up 2.12% on the day.
The rise in cryptocurrency prices follows the release of the US Consumer Price Index (CPI) data for January, which showed a smaller-than-expected drop in inflation. Additionally, the easing of concerns over cryptocurrency regulations has been a key factor in supporting the crypto industry. As a result, long-term investors continue to hold BTC, as evidenced by bitcoin’s ongoing price gains.
Furthermore, the growing popularity of the Ordinals NFT protocol, which enables the integration of non-fungible tokens with bitcoin, has led to an increase in activity on the network.
Meanwhile, the DBS crypto exchange, which is not available to retail traders, now facilitates trading in bitcoin, ether, XRP, bitcoin cash, DOT and ADA. This development is believed to be another important factor in keeping the bitcoin price higher.
Risk-on crypto market – Consumer Price Index (CPI) data
The global cryptocurrency market has regained its momentum and is once again trading above the $1 trillion mark. The value of most cryptocurrencies has increased due to the US Consumer Price Index (CPI) data for January, which showed a lower-than-expected inflation rate.
Bitcoin has rebounded from recent lows and is currently trading above $22,000 per coin, while Ethereum has also crossed $1,500.
It is worth noting that the markets initially experienced a decline, but they quickly recovered, and BTC and many other cryptocurrencies gradually increased in value.
As a result, the market reaction has been highly volatile, but may stabilize as more data becomes available. The next important market-moving report will be the PCE index data, which is due for release on February 24.
In the coming weeks, the cryptocurrency market is expected to remain highly responsive to macroeconomic developments. Investors should closely monitor regulatory policies, as tighter regulations on stablecoin securitization can increase market volatility and unpredictability.
With regard to economic data, the CPI rose 0.5% in January, compared to 0.1% in the previous month. However, on an annual basis, inflation was higher than expected, with a rate of 6.4% in December compared with 6.5% and the forecast of 6.2%.
The core CPI, which excludes more volatile food and energy spending, rose faster than expected at 5.6%, compared with the forecast 5.5%, but it declined from 5.7% the previous month.
whales gain control
The price surge coincided with the seven-day moving average mean on-chain transaction size hitting a five-year high of $1,145, according to Glassnode data.
A series of whale transactions, some of which were worth more than $200 million, occurred this week and significantly increased the average value of transactions on the chain. On February 11, one such transaction involved the simultaneous transfer of approximately $304 million from multiple addresses to an unknown wallet.
Data from Glassnode suggests that long-term bitcoin investors are increasingly holding onto their coins. Today, the total amount of bitcoin that hasn’t moved in at least 10 years hit a new all-time high of 2,634,631 BTC.
Additionally, the percentage of bitcoin that has not been moved for at least two years has reached an all-time high of 49.863%, meaning that more than half of all BTC has been held for at least two years. have been made, according to the same data source.
bitcoin price
live now Bitcoin The price is $22,144, and the 24-hour trading volume is $26,958,290,852. Bitcoin has gained almost 2% in the last 24 hours. It currently holds the #1 ranking on CoinMarketCap, with a live market cap of $427,201,921,132.
From a technical perspective, bitcoin broke the important $21,700 support and it is currently trending lower towards the lower $21,290 support area. If the price continues to decline, it may face resistance at the 38.6% Fibonacci retracement level of $21,290.
Yes that is correct. If bitcoin fails to hold the $21,290 support, the next support to watch is the 50% Fibonacci retracement level at $20,300. This level is seen as an important support level for bitcoin, as a break below it could signal a further decline.
However, it is important to note that technical analysis is just one tool in predicting market movements, and many other factors can also affect the price of bitcoin, such as macroeconomic events, regulatory changes, and investor sentiment.
If the bullish momentum sustains and bitcoin price manages to close above the important $22,375 resistance, it could signal a possible trend reversal. As such, the next major resistance level for bitcoin could be $24,260.
bitcoin options
Cryptonews Industry Talk has published a review of the top 15 cryptocurrencies to keep an eye on in 2023, which aims to aid in investment decisions.
In addition, there are other investment opportunities with higher return potential that may be worth considering.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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