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Bitcoin (BTC/USD) Running Into Resistance, Ethereum (ETH/USD) Outperforms

Bitcoin (BTC/USD) Running Into Resistance, Ethereum (ETH/USD) Outperforms

Nick Cawley, Senior Strategist
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Bitcoin (BTC) and Ethereum (ETH/USD) Charts and Analysis:

  • Bitcoin’s (BTC) baby steps higher as buyers return.
  • Solana (SOL), Cardano (ADA), and Ethereum (ETH) all outperform.
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The cryptocurrency market is pushing higher today, in line with other risk markets, after being rangebound for the last weeks of 2022. Bitcoin is now back to highs last seen in mid-December and has produced an unbroken series of small gains since the start of the new year. While this move may not spectacular, especially in cryptocurrency terms, it is important as it is pushing BTC back towards an important level of resistance - $17,662 - that if broken opens the way to $18,502 in short order. The recent move higher has also seen BTC break above both the 20- and 50-day moving averages, a positive signal.

Bitcoin (BTC/USD) Daily Price Chart – January 9, 2023

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A range of alt-coins have seen stronger rises over the last week, with Solana (SOL), Cardano (ADA), and Ethereum (ETH) all outperforming Bitcoin. Solana in particular has rallied hard after having been sold heavily over the past few weeks over its ties with the now-bankrupt FTX exchange. The latest meme coin Bonk Inu (BONK) was also airdropped on Solana last week, driving up trading volumes and fees. Solana has rallied by 50% over the last seven days, while another L1 blockchain Cardano is 30% higher over the same timeframe. Market commentators see short-covering and buyers returning at multi-month lows as the driving force behind current price action.

Ethereum is also outperforming Bitcoin but by a smaller margin. The closely watched ETH/BTC spread is now at a two-month high and looks set to move further ahead. A pair of prior highs on either side of 0.0790 looks like the next logical target before the September 2022 high around 0.08564 comes into view. ETH/BTC is now above all three moving averages, adding credibility to the move higher.

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Ethereum/Bitcoin (ETH/BTC) Daily Chart – January 9, 2023

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Charts via TradingView

What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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