Since the last week, the cryptocurrency market has remained stable. Bitcoin (BTC) remained above $23,000 over the previous seven days as traders awaited the Federal Open Market Committee's interest-rate decision next week and any indications policymakers may drop about when their rate-hiking campaign could cease.
Bitcoin has had a roaring start to 2023, with its price increasing by more than 40% since New Year's Eve. BTC exceeded $23,000 for the first time since mid-2022, approximately a week ago, and has remained there.
This week, Bitcoin (BTC) kept increasing to 3.39%, while Ethereum (ETH) went down by 1.30% for the last seven days.
Bitcoin (BTC) continues its move to the upside, breaking past $23,000 over the Chinese New Year.
On weekly candles, BTC is pushing above 80 on RSI, suggesting that it is severely overbought even on longer time frames. Other technicals, such as the 200-MA on the weekly and daily charts, trend further below the current price as BTC continues upwards.
Today BTC starts the day at the lower end of its range that it formed over the weekend, forcing MACD and other momentum indicators on shorter timeframes slightly into the oversold area.
BTC's short liquidations soared over the past few days more than previous pumps to the upside.
Ethereum swings strongly to the downside this morning as it breaks past multiple levels of prior support and finds a strong price rejection at the previous swing high's support level @ $1,520.
ETH's RSI on longer timeframes (1D, 1W) is far into the overbought area. However, shorter timeframes are seeing the most recent 5% swing down factored into its downward movement.
Short liquidations are not nearly as prevalent in ETH, as there is less upside compared to BTC.
Expect the market to be very flat until or around the Q4 2022 GDP announcement before it becomes more volatile again. Recommended to stay clear coming to the end of the week or trade with the expectation that markets will become more volatile soon.
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.