Bitcoin surged on Sunday, but failed to break above $17,000. As a result, he is now trading in a limited range of $16,900-$17,000. However, a slight rise has pushed Bitcoin to his highest since December 20, 2022.
Analysts expressed excitement on Twitter when Bitcoin briefly crossed the $17,000 milestone. Crypto Kaleo writes:
“The current #BTC price action is likely to be an important cluster in forming a bear market bottom accumulation range.”
But analyst Michael van de Poppe Highlighted next week’s consumer price index (CPI). He said,
“Today the unemployment rate showed positive numbers as it was lower than expected. However, it was below 50 for the first time since 2008 and the outbreak of COVID-19. The unemployment rate will rise in the coming months. If the consumer price index is low, yields will be on the edge of a cliff.
“Emotions of a euphoric crowd”
The first week of 2023 is over after a big drop in the previous year, and most cryptocurrencies are now trading green. In particular, certain assets are poised to expand on the momentum that has propelled mini-rallies as a long-term profit base.
According to a tweet from market intelligence platform Santiment, the market value of all coins in the cryptocurrency market is “jumping in an independent direction.” According to their analysis, traders are less interested in Bitcoin and Binance his coins due to “euphoric crowd sentiment” towards Ripple, Ethereum, and Cardano.
they wrote: Traders are less interested in $BTC, $BNB, and $ADA. Historically, #bearish sentiment projects have performed better on average. ”.