Bitcoin bulls eye up next move, Ethereum hits a mid-December high

  • Bitcoin
  • January 10, 2023
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Bitcoin (BTC)’s recent upside has tapered off somewhat as the week progresses, though the benchmark cryptocurrency remains at least 3% up on a week-on-week basis.

A late-Monday downturn in the US equities market pulled the BTC/USDT pair lower on the four-hour chart, though the pair did manage to stay in the green, having closed the day 0.3% higher at S$17,180.

BTC has added half a percent to US$17,250 in the Tuesday session so far, as bulls eye up the next logical resistance point of US$17,500.

In a positive move, bitcoin’s trading volumes have seen a significant uptick in the past two days, a potential sign that investors are starting to show some conviction.

Can improved trading volumes send bitcoin (BTC) higher? – Source: currency.com
Can improved trading volumes send bitcoin (BTC) higher? – Source: currency.com

Ethereum (ETH) managed to end the Monday session around 2.5% higher, bringing the ETH/USDT pair to above US$1,320 for the first time since mid-December.

ETH bulls face a hard wall of selling pressure at US$1,350, while any bearish reversal could see a drop to US$1,290.

After two days of major double-digit growth, large-cap altcoin Solana (SOL) has hit a roadblock at US$16, or a market capitalisation of US$5.96bn.

Cardano (ADA), another strong altcoin lately, has also halted its rally, having stalled at just below US$0.32.

Top daily risers include Aptos (APT), then blockchain network released by former Facebook developers last October, and metaverse token Gala (GALA), which is nearly 150% higher week on week after acquiring mobile games developer Ember Entertainment.

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