Bitcoin breaks $36,000 mark for first time in 2023Bitcoin breaks $36,000 mark for first time in 2023

Crypto market overview: In the past 24 hours, BTC recorded a 2.8 per cent increase, while ETH saw a 1.5 per cent uptick. BTC is maintaining an upward trend, consistently achieving new highs. It successfully crossed the local resistance at $36,000 and is currently holding strong slightly above $36,500. 

The Crypto Fear and Greed Index is right back on track, surging back to 69 points out of 100, indicating the bullish sentiment in the market. 

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Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, talked to Republic about the crypto market movement. Hudda said, “BTC has traded in the green in the last 24 hours as the BTC/USD pair teased the $37,000 mark on major exchanges while the total crypto market cap surpassed the $1.4 trillion mark. BTC may feel a little resistance at the $37,500 mark. However, post that, the market can expect to see a correction phase.” 

“Another major movement could be seen in the DeFi sector as popular and old DeFi projects like AAVE, SNX, and LINK have also started to show strength as Bitcoin reached new highs for the first time in the last 18 months,” added Hudda. 

Investors should exercise caution as the market starts to become euphoric.

CoinDCX Research Team talked to Republic about the next resistance for Bitcoin and ETH. CoinDCX said, “The next significant hurdle lies between $39,500 and $40,000, and if BTC remains above $36,000, it could make its way to these levels. ETH, on the other hand, is steadily progressing towards the crucial $2,000 mark and is presently trading at $1,920, above the 7-day moving average.”

“Notably, it's important to mention that the Securities and Exchange Commission (SEC) has a limited eight-day window, starting today, during which it might potentially approve all 12 spot Bitcoin (BTC) ETF applications for the year. This insight comes from analysts at Bloomberg Intelligence,” CoinDCX added. 

Rajagopal Menon, Vice President, WazirX, talked to Republic about the potential interest rate adjustments by the Fed and its impact on the Bitcoin charts. Menon said, “The impending release of October's inflation data, scheduled for the coming week, holds the potential to clarify speculations surrounding potential interest rate adjustments by the Federal Reserve. Market participants are closely monitoring this crucial economic indicator.”

“The cryptocurrency landscape witnesses a growing trend of institutional investment in various sectors, including custody and infrastructure services. This uptick in institutional involvement aligns with the prevailing market optimism, signalling increasing confidence in the crypto space,” Menon added. 

Sudeep Saxena, Co-Founder, CoinGabbar, said, “On Thursday morning, Bitcoin saw an upward trend, comfortably surpassing the $36,000 threshold after a prolonged period of consolidation. There is potential for the United States Securities and Exchange Commission to grant approval for all 12 pending spot Bitcoin (BTC) exchange-traded fund (ETF) applications in the upcoming eight days.” 

Crypto price prediction

Shivam Thakral, CEO, BuyUcoin, “The crypto market continues its surge with Bitcoin breaching the $36,000 mark for the first time in 2023. There are close to 12 Bitcoin ETF applications pending approval from SEC and there is a growing optimism that all the entities will be allowed to launch their BTC products. Bitcoin price is heading for steady growth in the coming weeks as the market sentiment is expected to remain positive. Ethereum is leading the altcoin rally as it crossed the $1900 mark taking the total crypto market cap to $1.37 trillion.”

Vikram Subburaj, CEO, Giottus, “Bitcoin has breached the $36,000 level as current market conditions favour risk-on assets like stocks and crypto. This impressive move by Bitcoin, after sailing through its key resistance at $35,500, primes the asset for the next target of $38,000.”

“If Bitcoin holds $36,000 in the next few days, top altcoins are likely to rally and outperform in the short-term. Key short-term targets for altcoins are Ethereum ($2,000), BNB ($270), Solana ($45) and Cardano ($0.4). On the back of increasing institutional interest and focus on real-world asset (RWA) tokens, Chainlink is up 9 per cent (24 hours) and is likely to make a move towards $15 this week.”