The global crypto market value has increased by around 3%, with a significant uptick in Bitcoin’s price, which has already surpassed $23,000. Approximately $1.09 trillion is the current market capitalization as a whole.
The recent increase in cryptocurrency prices is related to the possible cessation of interest rate hikes. With interest rates rising over the past year, riskier assets like cryptocurrency have become less appealing, therefore the prospect of a decline in value has been a catalyst for investing.
The largest cryptocurrency, at the time of writing, was trading over $23,000, down 0.7% over the previous day. However, BTC has increased by about 40% in January and, if history is any indication, BTC may be poised for a significant move higher given that its recent upsurge reminds the bull revival of mid-2019.
What are the experts saying?
Michael Van De Poppe took to his Twitter handle and said, “Chop chop chop, that’s what we see here. Might be some distribution going on in which we’ll drop south to test some levels and liquidity for #Bitcoin. Break and flip $23.1K -> test at $24K. Losing $22.3K -> $20K test.”
He added, “Still in resistance zone here for #Bitcoin. Probably one more wick up before we correct, as I think that another retest of the range low isn’t going to hold.”
Another analyst by the name of Captain Faibik said that Bitcoin is getting ready for its next bullish impulse and revealed that $25k is the next target.
Titan Of Crypto said that there was a big move incoming for Bitcoin as it is flipping green. Have a look.