Many things have happened to the cryptocurrency market over the past week, starting with the closing of the crypto staking feature on Kraken, the release of the CPI Report for January 2023, to the soaring Bitcoin price pushed by NFT Ordinals, which uses the Bitcoin blockchain.

The price of Bitcoin skyrocketed to $25,000 last Friday, although this was not due to macroeconomic conditions. However, this price position did not last because the price of Bitcoin immediately dropped to $23,000 the day after.

For the last seven days, Bitcoin's (BTC) price has soared by 12%, and so does Ethereum's (ETH) which also increased by 11%.

Bitcoin Price Analysis

Bitcoin (BTC) forms a weak ascending triangle pattern, anticipating prices to coincide with moving averages at $23,300 before continuing upwards.

Technicals remain flattish, and rangebound with not much conviction to either the upside or downside. Trading BTC between the $23,000 and $25,000 levels can be a good idea in the coming weeks before BTC continues to trend upwards.

BTC's open interest on Binance alone as risen from $3B to $3.9B in the past week, reaching a level that we last saw in October 2022. Long/short ratios remain at 50/50 across exchanges.

Ethereum Price Analysis

Ethereum continues to trend sidewards on longer timeframes, not seeing as bullish of a price movement as BTC, however it continues to be more volatile, regularly seeing price movements twice as large as BTC.

ETH's technical remain flat, suggesting markets are currently consolidating in the near term. Anticipating a larger move come end of week.

Futures open interest has increased sharply over the past week, suggesting potential upcoming volatility.


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