Friday, December 8, 2023

Market Watch Jan 05: Bitcoin Well Below Bull Market, Ether Forms Strong Base

As bitcoin continues to trade below $50,000, the second most popular cryptocurrency has formed a strong base just above the $3,700 market. In the last 24-hours, ethereum is up by 1.81% at $3,815.


Bitcoin, as per the daily CoinMarketCap, is slightly up by 0.13% in the last 24-hours. At the time of writing this article, it was priced $46,464. As you can see in the graph above, BTC continues to trade in a narrowed range. It is trying to pick up but not without a struggle. According to Glassnode data, bitcoin’s short-term holders are bearing most of the rue. This has created increased sell-side pressure. The short-term holders are in hot water with their investment. Experts believe they are likely to create sell-side resistance.

On the other hand, ether has taken a slow and steady path to reach the $4,000 mark in time for the weekend. However, experts highlight the barrier – $3,900 mark. Once this is achieved, it will be a breeze for ether. There will be no stopping. Experts say more gains could push the price towards the $4,150 level. But it remains bullish, but before that, there could be a fall.

Meanwhile, bitcoin enthusiasts are sticking to their guns. Antonio Trenchev, Co-Founder and Managing Partner at Nexo, believes BTC will make a $100,000 run by midyear. He argued that countries implementing regulation and financial institutions, like the central banks, protecting the investors will in fact attract more investors. And this will bring about a boom in the crypto market.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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