Can BTC and ETH hit new highs after breaking out of narrow ranges?
With Bitcoin and Ethereum stuck in narrow ranges for a while, investors are wondering if the two leading cryptocurrencies can break out and reach new highs. Despite the recent volatility, there are several bullish indicators that suggest that BTC and ETH could be preparing for a significant move.
Let’s examine the most important fundamental factors in the cryptocurrency market that can affect the overall price action.
Crypto Veteran Analyzes BTC and Crypto Markets: What’s Changed and What to Expect?
After two weeks of silence, a prominent cryptocurrency trader has maintained a bearish stance on Bitcoin throughout its 2023 rally. spoke out. Known by the pseudonym “Capo”, the trader withdrew from the markets when Bitcoin fell to $40,000 in April 2022.
Since then, he has stuck to his belief that the bear market will conclude with BTC reaching a new low of $12,000. Despite acknowledging that Bitcoin’s recent price surge is a significant bear market rally, Capo admits to being surprised by its magnitude, since he did not foresee such a move.
Capo believes that the recent Bitcoin rally is a bear market rally, which is being artificially pumped with BUSD and USDC. According to him, this is still the biggest bull trap ever and bearish analysis is not invalid yet. Capo expects Bitcoin to hit a new low of $12,000.
While he admits he didn’t see this bounce coming, he congratulates those who were able to take advantage of the situation, especially with some altcoins seeing stronger rallies than expected due to the Al narrative.
Coinbase fined over $3 million by Dutch bank
The Dutch bank, De Nederlandsche Bank (DNB), has imposed a fine of over $3 million on Coinbase, a leading American cryptocurrency exchange. According to the DNB, Coinbase had been operating without registration since November 2020. Although Coinbase complied with registration protocols in September 2022, it failed to pay supervisory fees for the two-year period prior to registration.
According to Dutch law, any company offering cryptocurrency services in the country must register with the DNB under the Anti-Money Laundering and Anti-Terrorist Financing Act. However, Coinbase is challenging the fine, stating that the period in question was how long it took the company to register in the Netherlands, and that it has been in compliance with the law.
This penalty comes as regulators around the world tighten their grip on cryptocurrency exchanges, focusing on improving security and preventing money laundering. The fine imposed on Coinbase is one of the largest regulatory fines imposed on a cryptocurrency exchange.
Ethereum tests 5-month high as whales hoard over 80% of supply
Sentiment recent data revealed that major ETH holders, including whale and shark addresses, continued to hold onto their ETH holdings. The graph showed that the addresses with 100-100,000 ETH still owned almost 47% of the total ETH supply. In addition, the lack of a sell-off after the latest price increase indicated that investors expected more price gains in the future.
Furthermore, an analysis of the supply of the largest addresses indicates that these addresses have accumulated Ethereum.
During most of January, the graph showing the amount held by the largest addresses as a percentage of Ethereum’s total supply was on an upward trend. Although it has now stabilized, it remained at 123 at the time of writing.
Bitcoin price
The current price of Bitcoin is $24,756, with a 24-hour trading volume of $18.7 billion. Over the past 24 hours, the price of Bitcoin has increased by less than 0.50%. As the top-ranked cryptocurrency, Bitcoin has a live market capitalization of $477 billion, according to CoinMarketCap. It has a circulating supply of 19,295,475 BTC coins and a max supply of 21,000,000 BTC coins.
On Sunday, the BTC/USD pair continued to trade sideways, maintaining a narrow range between the $24,400 to $25,250 levels. A bullish breakout of the $25,250 level could potentially expose the BTC price to $26,000 or $26,450.
Bitcoin’s immediate support is at $24,300 and a break below this level could send the BTC price down to $23,750 or the $23,300 mark. Further on the downside, an additional breakout of the $23,300 level could send BTC towards the $22,850 mark.
Overall, the trading bias is neutral, and both the RSI and MACD indicators are signaling indecision among investors. The closing of the Doji and spinning candle during the 4-hour time frame also means uncertainty among investors. It is recommended to keep an eye on the $24,300 mark for buying opportunities and vice versa.
Buy BTC now
Ethereum price
As of now, the Ethereum price is trading at $1.701, with a 24-hour trading volume of $5.3 billion. Over the past 24 hours, Ethereum has risen more than 0.10%. Its current market cap is $208 billion and it is ranked #2 on CoinMarketCap.
During the Asian session, the ETH/USD pair is experiencing sideways trading, staying within a narrow range of $1,670 to $1,720. The direction of Ethereum’s trend will depend on whether this area is breached.
On the 4-hour time frame, Ethereum has formed an ascending channel that keeps the ETH price supported near the $1,650 level. If the buying pressure increases, ETH could break through the $1,720 mark and reach the next resistance areas of $1,740 and $1,825.
On the other hand, a break below the $1,675 level could extend the downtrend towards the $1,635 or $1,600 mark.
Buy ETH now
Bitcoin and Ethereum alternatives
Aside from Bitcoin (BTC) and Ethereum (ETH), the cryptocurrency market is home to several other altcoins that show significant potential. The CryptoNews Industry Talk team has conducted an analysis and compiled a list of the top 15 cryptocurrencies to watch in 2023.
This list is regularly updated with new altcoins and ICO projects, so it is recommended to check back often for the latest additions.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
Find the best price to buy/sell cryptocurrency
