Wednesday, July 24, 2024

Market Watch Jan 12: Bitcoin Surges Past $18,000, Bulls Secure Leads.

Bitcoin has breathed some life into the crypto industry by surging past the crucial $18,000. It gained 4% in the last 24 hours and was trading at $18,128. Ether, up by nearly 5%, was holding at $1,397. But the market looks more of a trade-by-trade environment than a buy and hodl.

The altcoins have also recorded gains. Avalanche is the biggest gain. It surged 26.09% in the last 24 hours. Polkadot is up by 5.20%, XRP gained 3.26%, Polygon (MATIC) gained 3.22%, Cardano 3.08%, and Dogecoin 2.83% and Litecoin 2.03%.

Edward Moya, Oanda Senior Market Analyst, believes many institutional investors remain cautious despite the rally. He said if the risk appetite remains intact post-inflation report, Bitcoin is likely to make a run for the $18,500 level. The analyst shared that if core prices prove to be troubling, BTC price could decline back to December lows.

Charts show that the 8-day exponential moving average and 21-day simple moving average provided support for bulls entering the market. This is another positive sign for higher Bitcoin price. However, investors have to be aware that the trend is still in its early stages. The Relative Strength Index highlights the Bitcoin price hovering just below the final resistance level at 70. A breakout above this means an uptrend for the popular cryptocurrency. This could attract more cautious buyers to purchase Bitcoin on the next retracement after the surge.

There is less risk in this as the BTC value may decline near the current level and erase the gains for the month. A breakthrough above could see Bitcoin gracing the $19,000 level, and an invalidation would dip the price to $15,476.

All for the test.

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