Major coins remained more or less steady on Sunday evening after cryptocurrency lenderGenesis held $5.1 billion in liabilities following its freeze on withdrawals in November. Cryptocurrency Gains Price Bitcoin -0.20% $22,781 Ethereum +0.74% $1,639 Dogecoin +4.71% $0.089
What Happened: The largest cryptocurrency by market value Bitcoin BTC/USD held itself above $22,000and was trading at its highest level since mid-September. Ethereum ETH/USD was up 0.7% at $1,639, whileDogecoin DOGE/USD was up 4.71% in the last 24 hours at $0.089.
U.S. equities closed higher on Friday as investors digested mixed earnings reports from leading banks. The tech-heavy Nasdaq Composite soared 2.6%, while the S&P 500 and the Dow Jones Industrial Average (DJIA) gained 1.8% and 1.0%, respectively. Rising demand for tech shares and optimism among investors on the outlook for corporate profits drove the markets higher.
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Crypto analyst Michal van de Poppe said the total market capitalization has broken through the 200-Day EMA, a positive sign for crypto and a sign that the market may continue to rally up to $25,000 or may undergo a corrective pullback to $19,500.
Total market capitalization broke through the 200-Day EMA.
Good signs for #crypto, as continuation seems likely.
In between continuation to $25K or a correction to $19.5K.
To continue -> hold above 200-Day EMA and break resistance. 200-Day EMA potential entry point. pic.twitter.com/gwYXt1vbbt Michal van de Poppe (@CryptoMichNL) January 22, 2023
Rekt Capital, a pseudonymous analyst, said that Bitcoins dominance has reached red resistance and appears to have slightly overextended it on the one-day chart. This has led to some altcoin breakouts, but Bitcoin dominance may be retesting red right now.
#BTC Dominance has reached red resistance & even slightly overextended it
On the 1D, $BTC DOM is briefly dipping which has helped Altcoin breakouts
But BTC Dominance may be retesting red right now, which would enable an increase in BTC.D in the coming days#Crypto #Bitcoin pic.twitter.com/qzNqbmN5u9 Rekt Capital (@rektcapital) January 22, 2023
Crypto Kaleo, another pseudonymous analyst, anticipates that the upcoming breakout will resemble the one which occurred in March or April of 2019 following a long-term trend break. The chart he shared displays several days of low-range trading above the breakout level, followed by a jump to around $30,000.
#Bitcoin / $BTC
Expecting a similar setup for this breakout to what we saw in March / April of 2019 after the HTF trend break (chart shown on left).
Several days of accumulation grinding slightly higher above the breakout level, followed by a giga god candle squeeze to ~$30K pic.twitter.com/mLbMiWo7aa K A L E O (@CryptoKaleo) January 22, 2023
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