Bitcoin and other major coins are going higher after touching their support levels. However, can this rally continue to a level where traders feel like the bottom has been reached? Mike McGlone, a community strategist with Bloomberg Intelligence, said that the price of bitcoin remains 30% lower than its 20 weeks moving average. This point is almost the same as the bottom formations it led in July 2021 and March 2020. There are indications investors are storing their recently purchased bitcoins safely.
Its trade pattern shows aggressive purchases when it is at low levels. With bulls maintaining sustained purchases, BTC has moved the price higher than the closed resistance, being seen at $37,332. The pair of BTC/USDT can visit the 20 days exponential moving average at $40,438, which has become a big resistance during the relief rallies.
ETH bounced off on January 24 to go to $2159. It indicates bulls have been buying aggressively when ETH has been at low levels. Continued buying has led the price into the system again. It shows its strength and now buyers will attempt to sustain and push the price over the resistance of $2652. If they achieve that, the pair of ETH/USDT can go to its 20 days EMA $2966. The bears will come into the picture to provide strong defense at this level.
BNB coin price bounced off on January 24 from $330 support. It indicates buyers are aggressive around $330. The bulls sent its price back to the system on January 25. They are likely to attempt driving the BNB/USDT to its 20 days EMA at $435.