Price analysis 1/27: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX
After two weeks of a stupendous rally, Bitcoin’s (BTC) price has largely been flat this week. This is a positive sign as it shows that market participants are not growing nervous before a slew of central bank meetings take place next week. The United States Federal Reserve, European Central Bank and Bank of England are scheduled to announce their policy decisions next week.
The confidence of the bulls received another boost after the U.S. core personal consumption expenditures (PCE) data for December showed the slowest annual rate of increase since October 2021. The core PCE rose 4.4% from a year ago, meeting analyst expectations.
According to a report by Markus Thielen, the head of research and strategy at Matrixport, U.S. institutions have not abandoned the cryptocurrency markets. The financial services firm arrived at this conclusion by assuming that if the gains happened during U.S. trading hours, it is because institutions are buying. Using this metric, the firm said that 85% of the rally in January was due to institutional buying.
Could Bitcoin and select altcoins shrug off their range-bound action and resume the uptrend? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin soared to $23,816 on Jan. 25 but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.
The repeated failure of the BTC/USDT pair to maintain above $23,000 may tempt short-term traders to book profits. The immediate support is at $22,292. If this level gives way, the pullback could reach the 20-day exponential moving average ($21,172).
This is an important level to keep an eye on because a sharp rebound off it will suggest strong demand at lower levels. The pair could then again try to
Read more on cointelegraph.com
