On January 10, Bitcoin (BTC), the world’s largest cryptocurrency, is trading in an uptrend heading north towards the $17,500 level. The price of Ethereum (ETH) was able to cross $1,330 this week as the overall cryptocurrency market began to improve.
The recent performance of the cryptocurrency market is encouraging. However, the duration of the hike remains uncertain as investors await announcements from the Federal Reserve. This will inform future policies, especially the scale of interest rate hikes.
Both bulls and bears are looking forward to the Consumer Price Index (CPI) reading on January 12th. CPI data for December 2022 will support the view that US inflation has peaked.
The cryptocurrency market and BTC/USD are rising as traders expect inflation to ease ahead of US CPI data. If the report shows that inflation is slowing, riskier assets may rise in price; but a negative surprise can lead to a sale.
Bitcoin Is Dramatically Different
Bill Miller III is a fund manager and investor from the United States. He recently confirmed his support for Bitcoin (BTC) and stated that it is a different asset. During a live broadcast on CNBC, Miller III compared BTC to other assets that have struggled in the past.
He explained how the BTC network remained operational while the Fed intervened to protect the underlying market during the COVID-19 crisis. Bill also argued that the crash was due to BTC falling significantly below its all-time high (ATH) of $69,045.
He criticized this flawed analysis and clarified that the underlying market is only up 70% since its March 2020 low. In the same period, the value of bitcoin increased by 190%. As a result, it outperforms BTC when measured side-by-side.
Bill also cautioned against judging BTC by the standards of defunct exchanges like FTX and Celsius. He clarified that centralized organizations like FTX, Celsius and others are not the same as BTC.
He pointed out that BTC is more volatile than the traditional market, warning the public not to confuse volatility with value. Bill Miller III’s positive comments benefit BTC/USD as he is a well-known investor.
Bitcoin Price
Bitcoin experienced a minor bearish correction after failing to break the $17,400 resistance level. It is now gaining immediate support as it approaches the $17,200 target. A successful breakout from the $17,200 level could push the price of Bitcoin to the next $17,800 resistance level.
In the 4-hour time frame, Bitcoin formed a bearish engulfing candle, indicating that the market may face a bearish correction before showing further buying trend in BTC.
On the bearish side, the $17,000 level is likely to act as an immediate support, and a break down of this devil could extend the downtrend to the next $16,800 or $16,650 support level.
Ethereum Price
The current price of Ethereum is $1,339, with a 24-hour trading volume of $6.7 billion. In the 4-hour period, the ETH/USD pair is facing strong resistance near the $1,344 level, which is stretched by a double top pattern.
Ethereum’s current price is $1,329 with a 24-hour trading volume of $6.7 billion. The ETH/USD pair faces strong resistance near the $1,344 level in the 4-hour period, which is extended by a double top pattern. If the $1345 level is breached, the ETH price may move to the next $1370 resistance zone.
Closes of the doji and spinning top candlesticks just above the $1,315 trading level indicate that a big profit is possible.
On the downside, ETH price may find support near $1,330 and a break below this level may allow further selling at $1,275. Today’s bullish trend is dominant, so look for buying opportunities.
Alternative coins with great growth prospects
Given the pullback in the cryptocurrency market, several alternative currencies are making headlines.
FightOut (FGHT)
The FightOut (FGHT) platform works like a personal trainer, except that the FGHT token is pre-paid for training time. All activities are tracked and can be used to increase metaverse avatar sizes.
The FGHT presale is progressing nicely with nearly $2.80 million raised so far. As the sale takes place, the current selling price of 60.06 FGHT per USD 1 (FGHT can be purchased using ETH or USDT) is projected to increase.
Visit FightOut now
Dash 2 Trade (D2T)
Dash 2 Trade will be an Ethereum-based platform that will provide real-time statistics and social trading data when it launches in early 2023. Trading signals, on-chain statistics, strategy building tools and news feeds will be among the first features, allowing new and experienced traders alike to stay on top of the volatile bitcoin market.
Changelly Pro, LBANK and BitMart will also offer D2T. Dash 2 Trade has now raised $15.1 million, just 10 hours before the platform’s native D2T token is listed on Gate.io, the first in a series of planned centralized cryptocurrency exchange listings.
Visit Dash 2 Trade now
C+Charge (CCHG)
C+Charge (CCHG) is a blockchain-based network that rewards electric vehicle owners for charging and using their vehicles. Its native token CCHG is currently on the market. The use of electric vehicles has increased dramatically worldwide in recent years.
The electric vehicle (EV) sector has long emerged as a greener alternative to the existing automotive industry, which has long been in need of reform. Thanks to companies like Tesla, Rivian and others, people can now buy electric cars and participate in the green revolution.
The network has already volunteered to connect 20% of Turkey’s EV chargers to demonstrate its scalability. 1 CCHG costs $0.013 and can be bought with BNB or USDT. The pre-sale has raised $234,445 so far.
C+Charge now
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