On January 23, major cryptocurrencies such as Bitcoin Y Ethereal they were consolidating in tight ranges as investors seemed to be waiting for a strong fundamental reason to trigger a breakout.
The two leading cryptocurrencies have recently extended their long winning streaks and have held at their best levels since mid-September, roughly $22,689 and $1,634 respectively.
Bitcoin is up about 37% year-to-date as investors ignore various challenges from the crypto sector, the most recent of which was Genesis Global Holdco LLC's Chapter 11 bankruptcy protection filing.
However, the current rise could be attributed to a weaker US dollar and positive statements from the Federal Reserve, as well as positive CPI statistics, which could keep Bitcoin above $22,000 if equity markets continue to bear. its recent rise.
Top altcoin gainers and losers
Infinite Axie (AXS), Osmosis (OSMO)Y Filecoin (FIL) they were the best in the last 24 hours. The OSMO price rose almost 14% to $0.9835, while the AXS price rose more than 23% to $11.40. At the same time, FIL gained just under 13% to trade at $5.60.
Coffee (COFFEE) it has fallen about 4.45% to $1.03 in the last 24 hours. Casper (CSPR) is down more than 3.35% to around $0.036, and ApeCoin (APE) is down 10.25% at $5.50.
Bitcoin Hits New Yearly Highs After Positive CPI Data
He Bureau of Labor Statistics (BLS) CPI Data released on Jan. 12 showed headline inflation for all urban consumers fell by 0.1%, which appears to have been a major factor in BTC and ETH's rally.
Inflation has been falling for six months in a row, according to CPI statistics. However, the sharp drop in gasoline prices was one of the most significant falls in the analysis. In fact, the prices of new and used cars have come down.
As a result, the CPI data comes with a warning that the cost of services and food is still quite high.
If inflation has peaked, the Federal Reserve may reconsider its aggressive rate-raising strategy.
Many traders agree that Bitcoin prices could rise if the Federal Reserve reversed its current policy of quantitative tightening and interest rate hikes. However, the interest rate decision is expected the day after the FOMC meetings begin on January 31.
The FOMC decision could be influenced by positive inflation figures, which would increase the value of BTC and stocks. Investor confidence in the cryptocurrency market may be growing as a result of CPI data indicating that the US Federal Reserve will gradually increase interest rates starting in 2023.
Bitcoin Grows as US Dollar Tumbles: What You Need to Know
On the other hand, a weaker US dollar is a positive factor for the bitcoin price. As we all know, as the US dollar falls, sentiment towards risky assets like Bitcoin increases.
As a result, if interest rates start to fall and the economy expands, Bitcoin may continue to rise along with positive equity markets. The macroeconomic environment influences the bitcoin price.
What is driving the recent mood of the global crypto market?
The global cryptocurrency market was able to maintain its upward trend and stay well-supplied above the $1 trillion mark. However, the reason for its current boom could be related to institutional investors who have been long-term holders of the largest digital asset, ultimately increasing demand for BTC.
Another factor supporting the cryptocurrency market is the growing likelihood that the Federal Open Market Committee (FOMC) will only raise interest rates by 25 basis points (0.25 percentage points) at its meeting of February, a reduction from the 50 basis point increases seen in December.
COVID-19 crisis in China
On the other hand, the rising number of COVID-19 cases in China, which has raised concerns about the country's near-term economic prospects, was expected to have an impact on the cryptocurrency market.
As a result, this was seen as a major factor that could halt further gains in the bitcoin price.
bitcoin price
Bitcoin it is currently worth $22,740, with a daily trading volume of $23 billion. On a daily time frame, Bitcoin finds strong resistance in a double top pattern at $22,830. If the candlesticks dip below this level, a bearish correction is anticipated to begin and continue until the $21,500 mark is reached.
The RSI and MACD indicators are overbought, indicating the possibility of a bearish correction in BTC. If the price of Bitcoin falls below $21,500, it can drop as low as $20,450.
On the upside, Bitcoin's immediate resistance is at $22,800, and a break above this level could see BTC test $23,900 and $25,150.
ethereum price
In the last 24 hours, the price of Ethereal was $1,635, with a trading volume of $7 billion. The ETH/USD pair has found immediate support at the $1610 level, and the close of candles above this level is likely to fuel an uptrend in BTC.
On the upside, ETH is likely to find immediate resistance at the $1675 level, and a bullish cross above this level can expose ETH towards the $1750 level.
On the downside, a downside break of $1610 could open up more room to sell down to $1550.
3 currencies to consider during the pre-sale
With each passing day, the bitcoin market expands. Pre-sale coins often give investors the option to get in on the ground floor of a new project and take advantage of that project's success while exposing themselves to potential danger.
With that in mind, here are three currencies to watch out for during your pre-sale.
Fight (FGHT)
fight it's a simple and inexpensive way to stay active. By purchasing FightOut tokens, you can access experienced personal training services at a moderate cost. This means that even people on a tight budget can benefit from physical activity.
Despite Move2Earn's comprehensive feature set, its ability to analyze physical and mental fitness, as well as its NFT Avatar and social competitive component, sets it apart from other M2E apps.
Users can test and track their development in strength, cardiovascular endurance, and other areas using Fight Out's real-time performance tracking.
Investors appreciate Fight Out's $FGHT cryptocurrency because it has a strong concept and high presale rewards ranging from 50% to 100% depending on the amount invested. More than $3.2 million has already been raised.
C+Charge (CCHG)
C+Load is creating a revolutionary online payment solution for electric vehicle (EV) owners. Users will be able to exchange their initial charge for credits that can be used to purchase carbon credits. The ultimate goal is to significantly reduce greenhouse gas emissions caused by driving cars.
Given its truly innovative potential, this technology has the potential to completely disrupt the market for carbon credits. This allows a broader spectrum of companies to join and, at the same time, adds value to them.
VCMs are expected to be worth $100 billion by 2030, making them an interesting investment possibility for corporations. The C+Charge pre-sale raised around $361,925, demonstrating the tremendous demand for VCM.
Meta Masters Guild (MEMAG)
In just a few days, the Meta Masters Guild It has gone from $200,000 to a whopping $550,000. This significant growth implies that the public has a high level of confidence in the company's potential to prosper and generate profits in the future. Meta Masters Guild will release its first mobile game in Q3 2023.
The MEMAG network has been operational for some time and allows users to produce and manage their own coins, as well as trade on the open market. They are also working on games where participants can earn rewards, as well as games powered by Web3, an Ethereum-compatible technology.
Investing in MEMAG currently starts with the purchase of $10 worth of MEMAG tokens. You will receive a token for one cent if you participate in the pre-sale; early investors will have a limited window of opportunity to participate.
The MEMAG pre-sale raised around $1 million, showing the huge demand.
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