Jump to content

Bitcoin Outlook: BTC/USD Bullish Breakout Drives Crypto Recovery

Recommended Posts

Bitcoin Outlook: BTC/USD Bullish Breakout Drives Crypto Recovery

Jan 16, 2023 | DailyFX
Tammy Da Costa, Analyst


  • Bitcoin prices hold steady after 26% rally drives prices towards levels last tested before the collapse of FTX.
  • BTC/USD gains after bulls break $20,000.
  • Cryptocurrency market capitalization eagerly approaches $1 Trillion mark.


Bitcoin prices (BTC) have made an incredible recovery over the past seven days, driving the major cryptocurrency above $20,000. Despite growing concerns of a global recession, BTC/USD has risen over 26% this month, pushing prices to another barrier of resistance at the November high of $21,473.


Source: Refinitiv

With the recent move and a break of the December 2017 high of $19,666 providing a glimmer of hope for bulls, the total crypto market cap is nearing $1 Trillion.

Following the collapse of FTX in early November, an increase in bearish momentum fueled the decline that drove Bitcoin to low of $15,479 (2022 low) that same month.

Although shifts in sentiment and rising interest rates continue to threaten risk assets, technical levels have provided an additional catalyst for price action.

Bitcoin (BTC/USD) Technical Analysis

On the daily chart, BTC/USD is trading above the 200-day MA (moving average) for the first time in over a year at $19,525. With the $19,666 support forming at the 2017 high, a move below $18,000 and a resumption of bearish momentum could drive price action back towards longer-term support at $17,792. Full Technical Analysis

Link to comment

Bitcoin Technical Outlook: BTC/USD Turns Bullish

Jan 18, 2023 | DailyFX
Manish Jaradi, Strategist


  • Bitcoin’s short-term trend has turned bullish.
  • The case for a broader base-building in cryptocurrencies remains intact.
  • What’s next for BTC/USD and what are the key levels to watch?


Bitcoin’s break above key resistance in recent days has changed the trend bias to bullish from range.

After months of sideways price action characterized by low realized volatility, the momentum in Bitcoin appears to have finally picked up. BTC/USD has broken above key converged resistance on the 89-day moving average (a significant barrier since mid-2022), coinciding with another ceiling at the mid-December high of 18370. The break above the combined ceiling has paved way for the 200-day moving average and importantly implies that the short-term trend has turned bullish, as the previous update highlighted.

Full technical analysis

Bitcoin Technical Outlook: BTC/USD Turns Bullish

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Crypto trading is a bit complicated when it comes to understanding the dynamics in profit making. Some people are more inclined to technical analysis which of course has been the widely used trading tool but some are more inclined to fundamentals but sticking to fundamentals alone could be highly risky in my own opinion even though crypto is also financial instrument that often respond to news updates.  A blend of the two could provide a safety net for traders in minimizing losses compared to potential profit. The above case scenario is largely attributed to perp futures trading and other derivatives. TA and FA could also be very useful for spot trading but I feel timely listing of projects could largely determine one's profit from investing in a project. These may not be for all projects cos some are **** coins. This could be a personal perspective but I have noticed listing speed is also another important factor to consider along with project fundamentals when trading and if we are to include listing speed as a factor for choosing trade then it will affect our choice of trading platform cos some are more inclined to top cap projects while others are more inclined low cap gems.   My experience with ORDI has proven this trading skill rewarding. ORDI was first listed on Bitget before other exchange joined the listing party after it saw rapid adoption reflecting in it significant MCap growth. This chart should give us a glimpse of my experience with this strategy.
    • In a stunning display of market momentum, the PANDORA token, the first of its kind, has skyrocketed an astonishing 4872% from its introduction on February 2nd to February 7th. This remarkable performance has not only caught the attention of cryptocurrency enthusiasts but has also solidified PANDORA’s position as a groundbreaking asset in the digital currency landscape. Pandora's ERC-404 protocol revolutionizes the token landscape by seamlessly blending the qualities of ERC20 and ERC721 standards. This experimental mixed implementation enables persistent liquidity and non-fungibility for NFTs, unlocking a realm of possibilities previously unexplored. Adding to the excitement, Bitget Wallet is gearing up to introduce a specialized section dedicated to ERC-404 token market listings. This feature creates a hub for tokens that blend the best of both worlds—the liquidity of ERC-20s and the uniqueness of ERC-721 NFTs. I have come to believe that, the electrifying surge of PANDORA token and the innovative ERC-404 standard is not just a fleeting trend but a window into the future of cryptocurrency.
    • A significant turning point in the #PORTALxBitget collaboration is the listing of $PORTAL on Bitget through the Candybomb event, which opens up benefits and synergistic prospects like 1. Diversified Trading choices: Users now have access to a wide range of trading choices thanks to $PORTAL's listing on the exchange, including cutting-edge leveraged trading capabilities and spot trading. This gives customers the freedom to interact with $PORTAL in a way that suits their preferred level of risk and trading techniques. 2. Community Synergy: By uniting the exchange users and the pre-existing $PORTAL community, the Candybomb event stimulates community engagement. Through this synergy, a positive environment surrounding #PORTALxBitget may be developed, encouraging cooperation, information exchange, and sustained interest in the project. Could this recent collab stimulate the  stage for a fruitful and mutually beneficial relationship between #PORTAL and exchange.
  • Create New...