Updated January 29th, 2024 at 14:15 IST
Crypto market stabilises, Bitcoin trades above $42,000
BTC saw a positive price action right before the weekend as it moved up from trading around $39,000 to $42,000.
Crypto market overview: After a steep decline led by watershed profit booking over the last couple of weeks, the crypto market showed a strong recovery over the weekend with Bitcoin regaining the $42,000 price range. Apart from BTC, Avalanche and Solana have also shown strong performance in the last 7 days with close to 9 per cent gains each.
The Crypto Fear and Greed Index is currently hovering close to 55 points, a one-point improvement from yesterday’s score.
Image credit: Alternative.me
Rajagopal Menon, Vice President, WazirX
“Bitcoin has shown resilience amidst a price correction, currently hovering above the $42,000 mark. Analysts anticipate further upward movement, possibly reaching just beyond $45,000, driven primarily by institutional investors. Despite this bullish trend, caution is advised by analysts due to geopolitical tensions in the Middle East, which could spur inflationary pressures, potentially hindering Bitcoin's growth trajectory. Crypto enthusiasts are predicting a $2 trillion market cap for Crypto, similar to its early 2022 levels.”
CoinDCX Research team also shared insights into the crypto market movement in the last 24 hours. CoinDCX said, “Over the weekend, the overall crypto market has shown positivity. BTC has sustained its position above $42,000 and is now heading towards the $44,400 resistance level. BTC has also successfully reclaimed both the 20EMA Daily and 7EMA Weekly, showcasing a highly bullish last weekly close and implying overall bullishness. ETH, however, closed on a bearish note and is still positioned below the 20EMA Daily. Currently, ETH is in the middle of its range, slightly above $2,275. Key support and resistance levels for ETH are at $2,175 and $2,388, respectively.”
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “BTC saw a positive price action right before the weekend as it moved up from trading around $39,000 to $42,000. After months of increasing anticipation of the spot BTC ETFs, the overbought market seems to have undergone a correction in January. Even though BTC’s recent price performance may hint towards a volatile short-term investor sentiment, investors have continued to accumulate BTCs in January, according to CryptoQuant. Additionally, analysts also predict the entry of Charles Schwab—a leading asset manager—in offering a spot BTC ETFs.”
Edul Patel CEO of Mudrex underlined the Bitcoin recovery over the weekend following the equities’ trend. Patel said, “Bitcoin made a recovery above $42,000 during the weekend, following the trend of equities. BlackRock's Bitcoin ETFs hit the $2 billion AUM milestone. Breaking the $42,800 resistance could propel Bitcoin to the $43,500 level, with $44,700 marking a crucial threshold for buyer reentry. Failure to surpass the resistance points to support at $41,750. Investors are keenly anticipating the FOMC meeting on the 30th and 31st of this month.”
Published January 29th, 2024 at 14:07 IST