Bitcoin shares break above $16,900 as it closes the week on a high note

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(Kitco News) – It was another mixed day for the cryptocurrency market as most tokens traded within 3% of yesterday’s prices as there were no major developments to trigger a spike in volatility.

The stock market posted its first notable rally of 2023 to close the week higher on Friday after employment data showed a slowdown in wage growth from December, which investors took as a sign that the Federal Reserve may ease its rate hike campaign. At the close of US markets, the S&P, Dow and Nasdaq performed well, rising 2.28%, 2.13% and 2.56%, respectively.

Data from TradingView shows that an early-morning onslaught of Bitcoin (BTC) bears pushed the top cryptocurrency down to a daily low of $16,650 before bullish boosters came in to offer it a daily low of $17,031. Since then, its price has been consolidating near support at $16,900.

BTC/USD 4 hour chart. Source: TradingView

The lack of a noticeable change in the overall outlook was echoed by Jim Wyckoff, chief technical analyst at Kitco, who said in his morning Bitcoin update that “Bitcoin-USD prices are a bit weak in early US trading Friday.”

According to Wyckoff, “Price action remains largely sideways and choppy,” with “Traders waiting for a spark to ignite more volatile, trending price action.”

Eight Global founder Michaël van de Poppe also signaled his return to Bitcoin support and said he would look long if Bitcoin approaches $17,000.

After going above $17,000 in the afternoon, Poppe posted something else tweet “The deal is done,” he said, adding that he expected the price to go higher in the coming weeks.

Cryptocurrency options trader Kaleo also sees a positive future for Bitcoin. tweet “Finally, it looks like BTC is ready to break out of the $16-17k base range it has been stuck in for the past few weeks. Start squeezing.”

And one last insight was provided by market analyst Rekt Capital, who posted the following tweet highlighting the average time period after the market peak for Bitcoin’s price to decline.

Another mixed day in the altcoin market

Winners and losers in the altcoin market were evenly split in trading on Friday, further highlighting the sideways nature of the cryptocurrency market.

Daily cryptocurrency market performance. Source: Coin360

The best performer of the day was Gala (GALA), up 21.06% to $0.0218, followed by (FET) up 19.41% and liquid staking provider Lido DAO (LDO) up 9.32%. .

The total cryptocurrency market size is currently $823 billion, and Bitcoin’s dominance rate is 39.6%.

Disclaimer: The views expressed in this article are those of the author and may not reflect his views Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not a requirement to make any exchange for commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accepts no responsibility for any loss and/or damage resulting from the use of this publication.

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