Bitcoin (BTC) Breaks Above $17K as Crypto Market Surges – Why the Prices are Increasing?
Like a bolt out of the blue, Bitcoin (BTC) has surged more than $17,000 mark according to data from CoinMarketCap, which is an indication of more than 3-week highs. This is coming ahead of the imminent CPI report.
Altcoins such as Ethereum (ETH) outperformed by a marginal increase of 4.4% to $1321 according to data from CoinMarketCap. Similar trends were recorded by notable altcoins like Matic, Shib, ADA, among others.
Despite the promising new week kickstarted by BTC and other digital assets, there is a low level of confidence in the market among traders following a brewing storm at Digital Currency Group (DCG).
While the upward trend was reflected across the crypto market, it appears that the market is yet to overcome the FTX contagion as the DCG is currently at odds with institutional clients as regards the management solvency issues at subsidiary Genesis Trading.
Other factors expected to influence the market include Federal Reserve Chairman Jerome Powell’s highly anticipated presentation on the economy and inflation which is scheduled to be first on the list.
Meanwhile, data from TradingView reveals local highs are in the offing at $17,250 on Bitstamp.
Traders React to Market Uptrend
Against the backdrop of the fact that only several hundred dollars were added to the market, the BTC/USD uptrend has not gone unnoticed. The famous trader, Crypto Tony, informed his thousands of followers that his onwards and upwards target are between $17300 and $17500.
Onwards and upwards to my $17,300 – $17,500 target. I have taken some profit here on my scalp long, and remain in my short as long as we are below 17,500 on 4 hour closure pic.twitter.com/dOdxd0kDZJ
— Crypto Tony (@CryptoTony__) January 9, 2023
In the same vein, Micheal Van de Poppe was outrightly bullish, stressing that there is a high probability of an uptrend rally in the coming weeks. On the other hand, he tacitly stated that a correction might be witnessed first before then.
Still watching a case like this on #Bitcoin.
I think we'll continue rallying coming week, but probably have a drop due to Gemini or correction on Monday first. pic.twitter.com/uNUwLHb4Wg
— Michaël van de Poppe (@CryptoMichNL) January 8, 2023
Meanwhile, the Venture founder takes a historical view on Bitcoin saying that Bitcoin has been stuck between $16k and $18.5k for close to 2 months. As a result, there should be an expectation of 20% volatility either to the upside or downside.