Bitcoin surges to its highest price in 2023 as crypto momentum builds

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(Kitco News) – The cryptocurrency market came under pressure during early practice on Wednesday, struggling to gain momentum until later in the afternoon when prices started trending higher and bitcoin bulls turned their eyes on resistance at 23,000 $ to overcome.

Stocks also pulled back on the market open and spent the rest of the trading session fighting their way up to get back to the day. At the close in the US, the S&P and Nasdaq managed to recoup most of the losses, finishing down 0.02% and 0.18% respectively, while the Dow was able to climb into positive territory and along with the day up 0.03%.

Data from TradingView shows that Bitcoin (BTC) bears made multiple attempts to push the price lower during Wednesday’s trading, eventually sending BTC to a daily low of $22,345 before bulls managed to push it back above Bid $22,800. In an afternoon rally, the top crypto hit a daily high of $23,829.

BTC/USD 4 hour chart. Source: TradingView

Kitco senior technical analyst Jim Wyckoff called the early-morning drawdown “a routine corrective pullback after hitting a four-month high this week,” and indicated that it had no material impact on Bitcoin’s current outlook.

“BC bulls still have the solid short-term overall technical advantage amid a steep price uptrend on the daily bar chart,” Wyckoff said, which “suggests more price upside potential in the short-term.”

Range limited before climbing to $25,000

Providing further insight into what may be next for Bitcoin, market analyst Duo Nine posted the following tweet noting the potential for a pullback to $21,000 or a range bound trade between $22,000 and $23,000.

The prospect of range bound trading was also noted by market analyst Crypto Tony, who provided the chart below, which highlights the possibility of a continuation of the uptrend towards mid-February after a corrective wave.

And a final look at how the current price action for Bitcoin compares to previous cycles came from crypto analyst Mustache, who noted that one specific indicator suggests a bull market could be on the verge of ramping up.

Select altcoins are moving higher

The downward pressure in the crypto market has pushed the majority of altcoins into the red for the day, save for a few notable standouts whose prices have skyrocketed.

Daily performance of the cryptocurrency market. Source: Coin360

The day’s biggest gainer was LCX (LCX), which climbed 41.56% to hit an intraday high of $0.158, followed by Aptos (APT) gaining 41.02% and Hooked gaining 20.43% Protocol (HOOK).

The total cryptocurrency market cap is now $1.038 trillion and Bitcoin’s dominance rate is 42.5%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of the author Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no responsibility for any loss and/or damage resulting from the use of this publication.


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