Price analysis 1/30: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT
Traders tend to lighten up positions before important events because they hate uncertainty. The United States Federal Reserve’s policy decision is on Feb. 1, where the central bank is expected to hike rates by 25 basis points.
Market observers will keenly watch for any hints about how high the rates could go. That could be one of the reasons for the profit-booking in Bitcoin (BTC) and select altcoins on Jan. 30.
Bitcoin’s sharp recovery in January could also be signaling the start of a new bull market, according to certain on-chain metrics. The Profit and Loss Index from on-chain analytics platform CryptoQuant has given its first buy signal since 2019.
Blockware Solutions head analyst Joe Burnett believes that Bitcoin will not break above its all-time high of $69,000 until the next Bitcoin halving which is scheduled to occur in March 2024. Burnett anticipates Bitcoin’s next bull market top to be between $150,000 to $350,000, which isa massive increase from the current levels.
What are the important support levels to watch out for in Bitcoin and the altcoins? Let’s study the charts to find out.
After several failed attempts, the S&P 500 closed above the downtrend line on Jan. 26. However, the bears are not willing to surrender without a fight.
The sellers are trying to halt the recovery at 4,101, but the up-sloping 20-day exponential moving average (3,972) and the relative strength index (RSI) in positive territory indicates that the path of least resistance is to the upside. If buyers thrust the price above 4,101, the index could start its journey toward 4,325.
Alternatively, if the bears yank the price below the moving averages, several aggressive bulls may get trapped and the index could then tumble to 3,764.
The U.S.
Read more on cointelegraph.com
