Price analysis 1/11: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
Crypto and stock markets are usually forward-looking. Meaning, traders tend to ignore the near-term negatives and focus on the positives down the line. With Bitcoin’s (BTC) next halving in 2024, analysts are shifting their attention to this event.
Independent market analyst Rekt Capital highlighted this unique market dynamic in 2015 and 2019, a year before halving, Bitcoin rallied 234% and 316% respectively. If history repeats itself, Bitcoin’s price action may spring a surprise in 2023.
However, the near term remains uncertain and the Consumer Price Index (CPI) data on Jan. 12 may lead to a sharp uptick in volatility.
Some analysts are skeptical of the growing dominance of altcoin trading volume, which is above 50%. According to CryptoQuant contributor Maartunn, the altcoin dominance warns of “a potential risk for further downside.”
One event that is being closely tracked is the crisis brewing at the Digital Currency Group (DCG). Galaxy Digital Holdings CEO Mike Novogratz, in an interview with CNBC on Jan. 10, said that the DCG, Genesis and Gemini overhang could “play out in the next quarter” Though it is “not going to be great,” Novogratz does not believe it will trigger “a lot of selling.”
Could Bitcoin and altcoins continue their recovery or will higher levels attract strong selling? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bears tried to stall the recovery near $17,400 on Jan. 9 but they could not sink the price below $17,061. This suggests that bulls are buying on minor dips. The price bounced on Jan. 10 and the buyers are trying to extend the relief rally.
The 20-day exponential moving average ($16,982) has turned up and the relative strength index (RSI) is above 66, indicating that bulls
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