Stocks wobble as Bitcoin rises to an eight-month high of $25,260
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(Kitco News) – It was a mixed day in the crypto market as Bitcoin (BTC) climbed to its highest price since June, while the broader altcoin market saw a reversal of some of the best performances of recent weeks as other tokens rose higher.
Stocks, however, saw declines across the board as the extra time investors have had to evaluate Tuesday’s warmer-than-expected CPI report and a more hawkish tone from Federal Reserve officials sapped momentum out of the market. At the closing bell in the US, the S&P, Dow and Nasdaq ended the day lower than they started, down 1.38%, 1.26% and 1.78% respectively.
Data from TradingView shows that Bitcoin bulls managed to extend yesterday’s rally into the afternoon on Thursday, driving the top crypto to a daily high of $25,260, its highest price since June 13. At the time of writing, BTC is trading near support at $24,500.
BTC/USD 4-hour chart. Source: TradingView
The outlook for BTC continues to improve, with March Bitcoin futures hitting a new contract high in early US trading on Thursday, according to Kitco senior technical analyst Jim Wyckoff, who noted that “Bulls have regained the firm overall technical advantage on the short term, to suggest more price gains in the short term.”
Cryptocurrency market analyst Rekt Capital highlighted a positive development on the Bitcoin chart as the top crypto looks to break out of the macro downtrend it has been stuck in since late 2022.
#BTC approaching to break the macro downtrend$BTC #Crypto #Bitcoin pic.twitter.com/m6gwHtgOOK
— Rekt Capital (@rektcapital) 16 February 2023
“Use it and BTC will confirm entry into a new Bull Market,” Rekt Capital so in a follow-up tweet.
A similar view was shared by Scott Melker, host of the Wolf of all Streets podcast, who posted the following tweet highlighting the importance of a weekly candle above $25,212.
$BTC Weekly
$25,212.
I’ve been screaming about this number for weeks.
A break above (ideally close) makes a higher high for the first time since $69,000.
It breaks the bear trend.
Just tapped it, to the penny… and fell in the short term.
Time to pay attention! pic.twitter.com/8yhMNuR41P
— The Wolf Of All Streets (@scottmelker) 16 February 2023
Altcoins are consolidating
It was a mixed day in the altcoin market as a small majority of tokens in the top 200 saw minor losses while tokens in the green saw double-digit gains.
Daily performance in the cryptocurrency market. Source: Coin360
The best performance of the day was posted by Conflux (CFX), which gained 24.17% to trade at $0.1178, while MX Token (MX) gained 20.22% and MAGIC (MAGIC) gained 19.5%.
The total cryptocurrency market cap is now $1.106 trillion, and Bitcoin’s dominance rate is 42.8%.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for any loss and/or damage arising from the use of this publication.
