Market reviews

The world’s largest crypto by market cap is taking a healthy pause after briefly breaching the $28,000 mark, though still holding around its highest levels since June 2022. Bitcoin’s year-to-date gains soared by as much as 72% before paring such advances to 67% at the time of writing.

Amid the ongoing SVB saga and the fears engulfing the traditional US financial system, Bitcoin is advancing for a fourth consecutive day, surging past its 50-day simple moving average (SMA) to come within touching distance of the psychologically-important $25k line.

At the time of writing, the value of the world’s largest crypto has fallen by about 2.9% so far this month. Bitcoin is now limping along, barely keeping its head above the psychologically-important $22,000 mark for the time being.

Bitcoin is set to wrap up February 2023 with gains of less than 2% (barring a surge later on this final day of the month), and is on course for posting back-to-back monthly gains for the first time since February-March 2022.

The 50-week simple moving average (SMA) of the world’s largest crypto has now sunken below its 200-week counterpart. This is the first such technical instance in Bitcoin’s history which began its existence in 2009.

The January US inflation release due later today may trigger yet another big move across risk assets, including cryptocurrencies.

Bitcoin’s 50-day simple moving average (SMA) has crossed above its 200-day SMA. As cited in last week’s article, this was a key event to look out for, as a “golden cross” typically heralds more gains ahead.

At the time of writing, the world’s largest crypto is on course for best January since 2013, having notched a a 38% gain since the end of 2022.

Since Litecoin’s trough back in June, it has surged by as much as 130.56% (using intraday prices) as of yesterday. And it’s still trading around levels not seen since May 2022.

Bitcoin has risen above the psychologically-important $21k mark, having punched past its 20-day simple moving average (SMA) and is now testing resistance around the early-November 2022 peak.

While noting that the new year is very much still in its infancy, one can’t help but notice the recent surge across the crypto sector.

Bitcoin prices have been consolidating into a tight range around the $17,000 mark over the past one month.

On December 1^st, Ethereum crossed over its upper Bollinger band, which denotes overbought levels. Such a technical event has been accompanied by an average drop of 6.8% over the subsequent 20 days, according to Bloomberg data.

Bitcoin is building a base above $16,000 after its dramatic breakdown from below $20,000 earlier in the month.