empty
16.01.2023 11:28 AM
Bitcoin rushes to $22k at full steam but looks overheated: what to expect this week?

Based on the results of the previous trading week, it is safe to say that Bitcoin has completed a period of consolidation that lasted more than a month. As a result, the cryptocurrency resumed its upward movement and reached the $21k level.

At the same time, it is important to take into account the fundamental difference between the current upward trend, which is expressed in growing trading volumes. After a long pause, large buyers again enter the cryptocurrency market, which favorably affects the capitalization of Bitcoin.

Cryptocurrency market comes back to life

For 16 days in 2023, the main digital asset won back all the fall in November 2022. Many analysts see it as the end of a bearish trend and the final formation of a local bottom around $15.6k. Quantitative analyst PlanB expressed similar conclusions, while institutional experts expect another stage of BTC price decline.

This image is no longer relevant

According to network activity data provided by Santiment, large investors resumed buying Bitcoin in early January. As of January 16, whales hold more than 23.5% of the total supply of cryptocurrencies, which is equivalent to 4.57 million BTC coins.

CryptoQuant analysts also note a significant net inflow of Bitcoins to crypto exchanges of 4,200 BTC worth $80.3 million. The renewed flows of coins to the exchanges may indicate the normalization of market sentiment and a pullback to normal after the collapse of FTX.

This image is no longer relevant

At the same time, there is also a negative context, because BTC transfers to exchanges may indicate growing speculative sentiment. In the medium term, this may negatively affect the market and increase manipulative price movements.

However, a much more significant factor for the transfer of BTC coins to exchanges may be the desire of investors to fix local profits or break even. Near the $16k level, more than 50% of BTC coins were at a loss, and this figure decreased significantly when the price of Bitcoin reached the $21k level.

BTC/USD Analysis

Having consolidated above the $20k key psychological level, Bitcoin ended the trading week with a consolidation near $21k. There was no local decline in trading activity over the weekend, which allowed the asset to test the $21.2k level.

This image is no longer relevant

Subsequently, the bears managed to defend the line and go on a local and successful counterattack. BTC ended Sunday with a slight decline, but a long lower wick indicated the activation of buyers. As a result, the bulls picked up the price near the $20.5k level and resumed their upward movement.

The cryptocurrency started Monday with local growth and absorption of the remaining bearish volumes. The price has tested the $21.2k–$21.4k area for the second time, but selling pressure remains as the price is near a two-month high.

This image is no longer relevant

The technical metrics of Bitcoin are still in the overbought zone but gradually acquiring a flat direction. Stochastic is moving near the level of 95, and the RSI index is 87. To avoid increased volatility and a protracted correction, BTC needs a local correction and consolidation near $20k.

Results

Bitcoin continues its upward movement, but there is every reason to believe that the current week will be the last within the local bullish trend. The first signals of the transfer of coins to the exchanges indicate a wave of fixation to breakeven/minimum profit.

At a minimum, miners will want to lock in local profits to cover running costs. Most likely, Bitcoin will be able to reach the $22.4k–$22.8k area before bear pressure intensifies. With a price correction (necessary), the key task for buyers will be to hold the $20k level.

This image is no longer relevant

Bitcoin performed well in the attack and once again prompted talk of the end of the bearish trend. However, it is important to take into account the factor of the first mass activation of buyers, which provoked a local overheating of the market.

To confirm the end of the bearish trend and the start of the capitalization recovery stage, the asset needs to hold the $20k level, which is key for further growth.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

El Bitcoin apunta a $90 000

Después de la reunión de ayer de la Reserva Federal, en la que el regulador se quedó sin muchos argumentos para mantener las tasas altas, el Bitcoin y Ethereum reanudaron

Jakub Novak 07:57 2025-03-20 UTC+2

Recomendaciones para operar en el mercado de criptomonedas para el 20 de marzo

El Bitcoin y Ethereum han vuelto a subir tras la reunión de ayer de la Reserva Federal, donde quedó claro que será necesario reducir las tasas

Miroslaw Bawulski 07:57 2025-03-20 UTC+2

Recomendaciones de trading en el mercado de criptomonedas para el 19 de marzo

El Bitcoin y Ethereum enfrentaron nuevamente dificultades tras otra venta masiva en el mercado bursátil estadounidense ayer. Sin embargo, compradores y grandes jugadores intervinieron nuevamente, absorbiendo todas las caídas

Miroslaw Bawulski 09:34 2025-03-19 UTC+2

El Bitcoin y Ethereum intentan subir, pero no es suficiente.

El Bitcoin y Ethereum continúan enfrentando ventas activas con el menor crecimiento, lo que indica que el mercado no está listo para un nuevo movimiento alcista. Seguramente todos esperarán

Jakub Novak 07:21 2025-03-18 UTC+2

Análisis BTC/USD. El 18 de marzo. El Bitcoin se prepara para crecer, pero existe el riesgo de colapso.

La estructura de ondas del gráfico de 4 horas para el instrumento BTC/USD es completamente clara. Después de la finalización de una fase de tendencia alcista compuesta por cinco ondas

Chin Zhao 07:21 2025-03-18 UTC+2

El Bitcoin y Ethereum muestran persistencia

El Bitcoin y Ethereum continúan intentando subir, y a pesar de que cada vez enfrentan dificultades, las posibilidades de un retorno al mercado alcista siguen siendo bastante altas. El Bitcoin

Jakub Novak 08:05 2025-03-17 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 17 de marzo

El Bitcoin y Ethereum continúan consolidándose dentro de sus canales, lo que permite anticipar la continuación del mercado alcista. Sin embargo, para ello es necesario cumplir con una serie

Miroslaw Bawulski 08:05 2025-03-17 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 14 de marzo

El Bitcoin y Ethereum se consolidan en canales, creando condiciones reales para una mayor caída, aunque muchos expertos insisten en que los mínimos ya han sido alcanzados

Miroslaw Bawulski 10:17 2025-03-14 UTC+2

Recomendaciones para operar en el mercado de criptomonedas el 13 de marzo

El Bitcoin y Ethereum están atrapados dentro de nuevos canales. Por un lado, esto es positivo, ya que la presión observada a principios de semana ya no está presente

Miroslaw Bawulski 07:24 2025-03-13 UTC+2

El Bitcoin se prepara para volver a subir

Mientras el Bitcoin y Ethereum se recuperan activamente de sus mínimos anuales, insinuando que aún no ha terminado y que el mercado alcista sigue en pie, la senadora Cynthia Lummis

Jakub Novak 14:35 2025-03-12 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.