Wednesday, December 6, 2023

Market Watch Jan 26: Cryptocurrencies Rise As Much As 7 per cent

Down by 10% in the past seven days and a market crash, Bitcoin recorded a steady rise for the second consecutive day. BTC has been up by 3.81% in the last 24-hours and is trading at $37,868. It is likely to hit $40,000 in the next couple of days if the market is accommodative. But the 40K mark remains hot water.

Michael van de Poppe, an analyst at Cointelegraph, believes the road ahead for the popular crypto may be smooth. He said the stage has been set for a potential exit from the $30,000-$40,000 corridor. Poppe tweeted that BTC had held $36,000 and now, $38,000 mark has been tested positive. The test now is at the $40,000 mark.

Scott Melker, an analyst who is known as the “Wolf of All Streets”, is bullish. He highlighted that the next target is $39,600, which is the key resistance on higher time frames. $39,600 is a zone of challenge and if BTC crosses it, there is no turning back for the crypto.

Meanwhile, Ether is also gaining. It has gained 3.68% in the last 24-hours, as per CoinMarketCap, and is trading at $2,538. Ether has crossed the $2,500 after quite some time as it had been struggling to stay at the $2,000 mark and not slip further below. Altcoins have also recorded gains. Dogecoin is in the lead with 10% gains. Matic, Avalanche, Solana, and XRP have also witnessed highs.

But Terra is down by 3.50% in the last 24-hours. There has been a growth in the broader crypto market. However, some analysts have said the crypto market still remains in the red and investors are likely to bet for safer assets. This means the crypto market could drop again.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com 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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