Bitcoin stays buoyant, exceeds $23k

23 Jan 2023

Bitcoin remained resilient over the weekend, exceeding $23,000, the first time since the beginning of August, before edging back on Sunday.

At the time of writing, the world’s largest cryptocurrency by market capitalisation was trading at around $22,750, more than an 8% rise over the past week.

So far this year, Bitcoin has increased approximately 37%, and according to BitBull Capital CEO, Joe DiPasquale such a rise is typical for first quarters, and highlighted “a long consolidation period that saw shorts accumulating,” CoinDesk reports.

“The market has risen, partially fuelled the short squeeze,” DiPasquale stated, going on to say that “Bitcoin and several altcoins are overheated and due for a correction. We wouldn’t be surprised to see Bitcoin testing $20,000 in the coming days.

“For the week ahead, market participants should be mindful of downside risks and potentially seek to take profits.”

However, immediate resistance for Bitcoin is close to the $23,000 mark, News BTC reports, a move above this level could see the price gain bullish momentum. Yet if Bitcoin doesn’t clear the $23,000 resistance, it may edge down. Immediate downside support stands near $22,400.

Furthermore, the second largest crypto, Ether followed a similar course over the weekend, and at the time of writing stood at $1,640, around a 1% rise from Saturday. Bulls drove the price over $1,650 and a new 2023 high was formed close to $1,679.

The next key resistance is near the $1,680 mark, and if the price breaks above this level, it may move towards a $1,720 resistance, the News BTC report adds. Further gains could see the price hit $1,800 in the near term.

Ether’s market value has risen approximately 4.5% over the last week and 35% since the end of last year.