After US Federal Reserve Chair Jerome Powell stated that inflation is beginning to ease, the crypto market experienced a mixed trading performance. The Federal Reserve raised interest rates by 0.25 percent. Bitcoin (BTC) increased 3.11 percent to $23,788, while Ethereum (ETH) surpassed $1,600. Over the last 24 hours, BTC volume has been around $30.58 billion, up from 37.16 percent.

BTC’s price surpassed even the most optimistic price forecasts last week. Bitcoin gained 6.5 percent in five hours after testing the $22,500 support level on February 1st, and has been flirting with the $24,000 level ever since. It’s also worth noting that Bitcoin’s 40-day correlation to the S&P 500 remains above 75%.

Traders will be looking to see if Ether bulls can keep the price within the bullish triangle formation for the next two weeks. If the macro environment permits, ETH derivatives suggest a possible rally to $1,800. Meanwhile, Ethereum Foundation developer Parithosh Jayanthi announced the February launch of the “Zhejiang” public test net.

Bitcoin
Bitcoin began trading higher after breaking out above the range, forming a ‘Higher High Higher Low’ pattern. Yesterday, prices reached a weekly high of $24,255. The asset is currently trading in a ‘Bullish Flag’ pattern. However, the bulls will face a significant challenge at $25,200 (previous high on August 15, 2022) and $28,500. (Horizontal trendline). We can expect another rally up to $32k if prices break and sustain above these resistances. If it continues to resist at these levels, we can expect some profit booking. The asset will be well supported by $21,500.

Ethereum
Ethereum was trading sideways between $1,050 and $1,300. The asset eventually broke above the range and began moving upwards by forming a ‘Higher High Higher Low’ pattern, rallying up to $1,714.6. The asset has a strong resistance zone ranging from $1,700 to $1,750 (Horizontal Trendline), and after reaching a high of $1,714, ETH formed a Doji candle with a longer upper shadow, indicating selling near the resistance. To continue rallying, ETH must break, close, and sustain above $1,750, where it has strong support around $1,500. (200 Day Moving Average).

The cryptocurrency market entered the year 2023 at a record high, trading higher on Monday. Bitcoin, the world’s largest digital token, jumped 1.21% to trade at $16,727.34, while Ethereum was above the $1,200 mark.

“The largest cryptocurrency, Bitcoin, entered 2023 on a high note as it saw a 0.39% jump in value. The largest altcoin Ether also recorded a 0.29% jump to start the new year in the green. It will be interesting to see what central banks around the world do to fight inflation, which will set the tone for the financial markets. Markets will remain limited due to the changing Covid situation in the coming weeks,” said Shivam Thakral, CEO of BuyUcoin.

Most other crypto tokens are also trading higher on Monday. Solana won 13.31%. USD Coin, Dogecoin, Cardano, Polygon, Binance, Tron, Litecoin and Polkadot were also trading higher. However, XRP is trading low.

The global cryptocurrency market cap is trading high but is only $800 billion, up 0.68% in the last 24 hours.

Total DeFi volume is currently $1.29 billion, or 7.15% of the total 24-hour crypto market cap. The value of all stablecoins is $16.30 billion, or 90.14% of the total 24-hour crypto market cap.

The value of Bitcoin is around $322 billion, controlling around 40.09%, an increase of 0.01% on the day, according to CoinMarketCap.

Cryptocurrency Prices

• Bitcoin $16,750.82 1.31%
• Ethereum $1,213.73 1.58%
• Tether $0.9997 0.01%
• USD Coin $1 0.01%
• BNB $246.32 0.90%
• XRP $0.3376 -0.28%
• Dogecoin 0.07187 3.54%
• Cardano $0.2538 3.61%
• Polygon $0.7684 2.12%
• Polkadot $4.48 4.37%
• Tron $0.05485 0.60%
• Litecoin $74.55 7.40%
• Shiba Inu $0.000008185 1.82%
• Solana $10.78 13.31%

Note: Price changes in the last 24 hours