Price analysis 1/4: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI
Gold made a strong start to the new year and is trading close to a seven-month high on expectations that the United States Federal Reserve may slow down and hike rates only by 25 basis points in its next meeting on Feb. 1.
Cryptocurrency markets have also shown a mild uptick but are yet to make a decisive move higher. One of the reasons could be renewed fears regarding Digital Currency Group’s liquidity issues, which again came into focus after Gemini co-founder Cameron Winklevoss penned an open letter to DCG CEO Barry Silbert on the alleged $900 million that Genesis owes Gemini.
Among all the gloom, Circle's chief strategy officer and head of global policy, Dante Disparte, sounded positive and said in a Jan. 2 post for The World Economic Forum that the current crisis in the cryptocurrency space may eventually prove to be a boon. Disparte believes that the crypto bear market of 2022 could start “a handover of crypto technology and blockchain infrastructure to steadier hands.”
Could cryptocurrencies break out of the slumber and start a sustained recovery as investors allocate fresh money to various asset classes? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin (BTC) climbed above the moving averages on Jan. 4, indicating buying at lower levels. The next level to watch on the upside is $17,061 where the bears may mount a strong resistance.
If buyers succeed in bulldozing their way through $17,061, the BTC/USDT pair could pick up pace and sprint toward $18,388. This level could again witness a tussle between the bulls and the bears.
On the contrary, if the price fails to sustain above $17,061, it will suggest that bears are selling on relief rallies. That could keep the pair range-bound for a few more
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