Forex Analysis & Reviews: 24.01.2023 - Bitcoin hit $23k ahead of...

24.01.2023 12:45 PM

Bitcoin hit $23k ahead of important economic reports: is it worth waiting for a local correction?

Despite the obvious overbought, Bitcoin continues its upward movement. The asset broke through the $23k level, where the price is consolidating for further upward movement.

At the same time, there is no significant increase in daily trading volumes, which may indicate a weakening of the bullish trend. The $23k–$23.4k resistance zone does not allow the cryptocurrency to continue a confident bullish rally, and the slowdown in the upward trend of trading volumes complicates the situation.

Another reason for Bitcoin's slowdown may be important economic reports that will appear this week. Today, the publication of Microsoft's financial statements is expected, and its results will have a direct impact on stock indices, and therefore on Bitcoin.

Also, on Thursday and Friday, the indicators of the durable goods market and the level of core inflation will be released. All these publications will be a prelude to the Fed meeting next week, and therefore we can expect a gradual increase in volatility in key markets, including cryptocurrency.

Fundamental incentives for further growth

At the current stage of the price movement, it is extremely beneficial for Bitcoin to maintain a high level of correlation with stock indices. For example, Carlson experts note that the end of January is historically one of the strongest periods in the stock market.

As a result, SPX broke through the $4,000 level, and Bitcoin climbed above $23k. At the same time, CoinShares notes a significantly increased interest in financial products based on cryptocurrencies. The inflow amounted to $37 million, which is also the result of a local thaw in the global economy.

JPMorgan experts, analyzing the state of the global economy, change the pessimistic forecast, adding a little hope to it. The bank's analysts believe that 7 out of 9 classes of financial assets indicate a decrease in the probability of a recession in the United States to 50%. Recall that at the end of 2022, JPMorgan believed that the probability of a recession in the United States was 85%–100%.

A similar opinion was expressed by Philadelphia Fed President Patrick Harker, who said that the agency predicts U.S. GDP growth in 2023 by 1%. Thus, the financier believes the United States may avoid an economic recession.

At the same time, JPMorgan analysts note that in the near future we should expect profit-taking on stock instruments. The same applies to cryptocurrencies because the growth of the asset in January allows, at least, to fix a breakeven.

BTC/USD Analysis

In a fundamental way, nothing has changed on the Bitcoin daily chart. The cryptocurrency is in a consolidation phase near the $22.9k–$23.1k area. The bearish positions remain strong, as evidenced by the retest of the $23k level for four days in a row without visible success.

At the same time, the bears fail to develop a downward trend, as buyers instantly absorb volumes near the $22.9k level. This indicates a strong bullish trend and an early breakout and consolidation above $23k.

In the medium term, Bitcoin remains extremely overbought. The technical RSI and Stochastic indicators have been moving above the 85 levels since the beginning of January, and the stubbornness of the bulls will eventually lead the market to a deeper correction.

Results

Bitcoin maintains a steady bullish potential, which greatly increases the full-fledged breakdown of the $23k level in the coming days. Despite the need for a correction, the asset will continue to hold the $22.9k level and move upward.

At the current stage, BTC correction is not expected, as there has been a significant activation of buyers. Considering this local decline, we should expect it in the presence of a combination of factors, including mass profit taking, increased volatility and the activation of large sellers.

你今天已经点赞上这篇文章了

*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。

If you have any content questions, please contact editorial-board@instaforex.com

Crypto-currencies

该作者的更多文章

电子邮件订阅

EURUSD

Euro vs US Dollar

选择时间框架

分钟

小时

天

周

开始交易

通过InstaForex赚取加密货币汇率变动的收益。

下载MetaTrader 4并开启您的第一笔交易。

Fundamental incentives for further growth

BTC/USD Analysis

Results

推荐文章

4月24日加密貨幣市場的交易建議

比特幣可能恢復上升趨勢

4月23日加密貨幣市場的交易建議

BTC/USD 分析 - 4月22日：關鍵時刻

4月22日加密貨幣市場的交易建議

4月21日加密貨幣市場交易建議

4月18日加密貨幣市場的交易建議

對比特幣和以太坊的興趣重燃

萊特幣加密貨幣的即日價格走勢技術分析，2025年4月17日星期四。

4月16日加密貨幣市場交易建議

Top analytics

Fundamental incentives for further growth

BTC/USD Analysis

Results

推荐文章

4月24日加密貨幣市場的交易建議

比特幣可能恢復上升趨勢

4月23日加密貨幣市場的交易建議

BTC/USD 分析 - 4月22日：關鍵時刻

4月22日加密貨幣市場的交易建議

4月21日加密貨幣市場交易建議

4月18日加密貨幣市場的交易建議

對比特幣和以太坊的興趣重燃

萊特幣加密貨幣的即日價格走勢技術分析，2025年4月17日星期四。

4月16日加密貨幣市場交易建議

Top analytics

Dear visitor,