Price analysis 2/3: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, AVAX
Bitcoin’s (BTC) rally in 2023 has been boosted by expectations that the United States Federal Reserve will slow down the pace of its rate hikes as inflation has started cooling down. Some even anticipate a rate cut by the end of the year. That assumption received a jolt on Feb.3 when the U.S. employment data for January beat expectations and unemployment hit its lowest level since May 1969.
If markets do not react negatively to news perceived as bearish, it’s a sign that the sentiment has turned positive. Traders may then shift their focus to the next important economic data release. Trading firm QCP Capital said in its latest market update that the Consumer Price Index print on Feb. 14 could move markets. They believe the risks to the data are to the upside.
The current crypto bear market seems to have driven the institutional investors to the sidelines. According to a new survey conducted by JPMorgan, 72% of institutional traders said they do not plan to “trade crypto/digital coins” in 2023. Only 14% of the respondents showed an inclination to trade this year.
Will Bitcoin and altcoins witness profit booking in the near term? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin bounced off the $22,800 support on Feb. 1, indicating that bulls are buying the dips to this level. The bulls pushed the price above $24,000 on Feb. 2 but they could not sustain the higher levels.
The rising moving averages and the relative strength (RSI) in the overbought zone indicate that the path of least resistance is to the upside. If the price turns up from the current level or $22,800, the BTC/USDT pair could surge to $25,000. This level is likely to act as a formidable barrier.
The first sign of weakness will be a break
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