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Bitcoin: Is the Rally Resilient?

By Naeem AslamCryptocurrencyJan 23, 2023 08:24

uk.investing.com/analysis/bitcoin-is-the-rally-resilient-200556369

Bitcoin: Is the Rally Resilient?

By Naeem Aslam | Jan 23, 2023 08:24

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BTC/USD

+0.86%

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BTC/EUR

+0.83%

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BTC/USD

+0.89%

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BTC/EUR

+0.85%

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BTC/JPY

+0.76%

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BTC/JPY

+0.79%

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BTC/GBP

+0.91%

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BTC/GBP

+0.56%

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The main focus is the relationship between the Bitcoin price and the equity markets. Bitcoin has a strong positive correlation with the risk-on factors, and it has been moving higher as the equity markets scored more gains.

The big question is if it continues to trade higher as cracks have started to show in the risk-on rally. Traders may back away from supporting riskier assets this week, and the comments from the Fed officials have indicated that the Fed doesn't seem to be in a rush to end its ultra-hawkish monetary policy.

Traders are focused on two price levels. Firstly, it is a resistance of 25K followed by a resistance of 30K. Secondly, the support is at a 20K price level. If we see the price breaking above their price points, only then are we likely to see another trend forming.

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Comments (4)

Gadisa Shaz Jan 26, 2023 16:10

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my account 01425659482700

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Gadisa Shaz Jan 26, 2023 16:09

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please I went to help with my company

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Gadisa Shaz Jan 26, 2023 16:08

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thanks sir

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shabir udin Jan 23, 2023 8:44

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thank you sir

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