Thursday, July 25, 2024

Market Watch Jan 30: Bitcoin Eyes $24,000, Market Observers Warn of a U-Turn.

Bitcoin is continuing with its price surge as the popular cryptocurrency clocked its 11th consecutive day outside the “fear zone”. It was trading at $23,735 after seeing 2.26% surge in the last 24 hours. Bitcoin traded at $23,955, its highest level of the year, on January 29. But it slipped to $23,687 and is now nearing a resistance of $23,800.

Analysts believe Bitcoin sentiment is in the Greed zone with a score of 61. This is the highest level since November 16, 2021, during the height of the bull run when the BTC price peaked at $65,000. However, market participants are wondering whether the recent price surge is part of a “bull trap”, or whether this is a real chance for a bull run.

Meanwhile, the current rally has lighted up the crypto market in green. Ether, the second most popular cryptocurrency in terms of market cap, is holding at $1,637.43 as per data from CoinMarketCap. ETH gained 2.53% in the last 24 hours. Solana is the biggest gainer among altcoins. It is up by 5.56%. Cosmos ATOM gained 3.22%, Wrapped Bitcoin is up by 2.01%, Cardano 1.83%, Uniswap gained 1.18%, Shiba Inu 1.12%, and Avalanche 1.02%.

Returning to the all-popular Bitcoin, data from IntoTheBlock highlighted that 64% of Bitcoin investors are in profit. Glassnode says those who bought Bitcoin back in 2019 are now back in profit too. It calculated the average acquisition price for BTC by tracking exchange withdrawals. Data shows that the average first-time buy price for Bitcoin investors in 2019 was $21,800. This suggests that most investors are up about 9% at the January 29 price of $23,687.

There is also growing optimism that Bitcoin price will exceed the $25,000 mark this week. This is a wait-and-watch.

All for the test.

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