BTC’s price spike has brought the total value of BTC to $43.5K, but investors are still not feeling confident in this cryptocurrency market due to some heavy drops that have been witnessed earlier in 2018. Despite these negative factors, people feel more optimistic about the future and hope for a stable Bitcoin price now that it is nearing its all-time high again.,
On January 12, Bitcoin (BTC) increased by roughly $1,000 in a matter of minutes as hopeful signals from exchanges surfaced.
1-hour candle chart for BTC/USD (Bitstamp). TradeView as a source
BTC/USD reached $43,468 on Wednesday, its highest level since January 6, according to data from Cointelegraph Markets Pro and TradingView.
According to traders, the pair had been expected to continue its erratic movements, with the odds increasingly preferring a move higher than a resumption of the fall.
They said that this would most likely take the shape of a “short squeeze” on late-arriving shorters, and Wednesday’s abrupt wick upward looked to validate the hypothesis.
As a further indication that the market had been unduly speculating on future losses, funding rates across derivatives platforms remained neutral or negative throughout the turmoil.
Chart of bitcoin financing rates. Coinglass as a source
The “Wolf Of All Streets,” well-known trader and analyst Scott Melker, responded by restating his spot price objectives for exiting bitcoin. He informed his Twitter followers that a claim of greater levels over $50,000 would serve as a turning point for a market entrance.
My leveraged long has targets starting at $39,800.
– 42K ✅ – 45.5K – 4.66K
By that time, I will have already paid out 75%; the remaining amount will be used to see if we can reach $52K before being reviewed.
My spot purchase targets are:
— The Wolf Of All Streets, January 12, 2022, via @scottmelker
Michal van de Poppe, a contributor to Cointelegraph, said in his Tuesday YouTube update that there may not be much opposition between $43,000 and $46,000, which might serve as a launchpad for a move to $46,000.
I still have buy orders at $38,000; they won’t be hit, but I’ve been buying a lot here, he added.
In the meanwhile, if inflation turns out to be lower than anticipated, Wednesday’s consumer price index (CPI) numbers, which are scheduled to be released at 8:30 am ET, might add more fuel to the fire.
One of the top altcoin performers is ether.
Following Tuesday, cryptocurrencies benefited from Bitcoin’s resurgence.
Related: Daily increases in withdrawals from Bitcoin exchanges since September 2021
The top 10 cryptocurrencies by market capitalization increased by more than 4% on the day, with Ether, Terra, and Polkadot leading the way (ETH).
At the time of writing, it had increased by more than 5% and was moving decisively away from the $3,000 support level.
1-hour candle chart for ETH/USD (Bitstamp). TradeView as a source
Prior to now, all cryptocurrencies had received warnings, but tokens had not yet felt “real agony” from the current slump.