- Bitcoin price has risen by 3% since the start of the new year.
- Ethereum price could rally back to $1,400, the midpoint of October’s trading range.
- XRP price is lagging behind ETH and BTC but could explode for substantial gains.
The crypto market is producing a turn that could result in more uptrend gains. Still, a countertrend trade in the current environment is highly risky, and one should handle their own risk accordingly.
Bitcoin price is likely to move higher
Bitcoin price is putting forth optimistic signals as the peer-to-peer digital currency has risen by 3% since 2023’s opening bell. The move north took place after the bulls established a higher pivot point at $16,333 on December 30, compared to the previous bearish attempt that was halted at $16,256 on December 19.
Bitcoin price currently auctions at $16,854, up 1% on the day after falling just $9 short of tagging the psychological $17,000 resistance. As January 4th’s market nears the final hour, the BTC price seems poised to settle above the recently breached 21-day simple moving average (SMA) at $16,750.
In doing so, sidelined bulls could begin re-entering the market to challenge key levels within December’s trading range. Ultimately, the December swing high at $18,387 could succumb to a challenge, resulting in a 9% Increase from BTC’s current market value.
BTC/USDT 1-Day Chart
A daily close below the recently breached 8-day exponential moving average (EMA) at $16,500 would void the newly established uptrend’s possibility to rally further. As a consequence, the 2022 low at $15,476 could be subject to a liquidation, resulting in a 9% decline from the current Bitcoin price.