The present bullish momentum has pushed Bitcoin across the $23,000 level, but it faced tough resistance and slipped back to $22,000. It has been trading down 1.57% at $22,823. BTC’s price gained 8.49% in the past seven days.
Traders remain bullish on a massive rally in Bitcoin. The top cryptocurrency has managed to wipe out its losses from Sam Bankman-Fried’s FTX crypto exchange collapse. Bitcoin has consistently brought gains for holders in the first three weeks of the year. Analysts believe it is evident that the crypto market is recovering from the spreading FTX contagion and Genesis Global’s bankruptcy. But they are also wary about its short-term prospects.
Glenn Williams, the crypto analyst, said an uptick in volume in conjunction with higher prices is generally a bullish sign. He believes flat prices signal that bullish and bearish investors are both actively expressing their market views. Jason Pagoulatos, the markets associate at Delphi Digital, said the latest GDP will not have a great effect on crypto markets. He pointed out that investors were focused on the Fed’s upcoming rate decision. Pagoulatos believes the market knows that the rate hikes will continue but at a slower pace until they reach whatever their terminal rate is. He said people are trying to get clarity over how long and what that ultimately means for things that are still showing signs of strength like the labor market.
Meanwhile, Ether was trading at $1,568. It has lost 3.05% of its value in the last 24 hours. Most of the altcoins are also in the red. Solana is the biggest loser. SOL is down by 4.26%, Litecoin lost 2.85%, XRP lost 2.44%, Dogecoin 2.16%, and Shiba Inu and Cardano lost 2.08%. Polygon is the biggest winner. MATIC gained nearly 10% in the last 24 hours.