The largest cryptocurrency had benefited from a positive start to the year on Wall Street, this giving a broader boost to previously sideways crypto assets.
“Bitcoin needs to maintain the 50 DMA and break last week's high but a trip there seems possible heading into the CPI data,” Filbfilb added.BTC/USD annotated chart. Source: Filbfilb/ Twitter, others had hoped that there would be sufficient impetus for Bitcoin to follow in the footsteps of both stocks and gold as 2023 got underway.
“Despite the mini rally, BTC is still trading in an extremely tight falling wedge - with 18k the key breakout level to the topside,” it continued, echoing Filbfilb.
“In the medium-term, 28k is looking more and more key - as the Head and shoulders neckline, and 61.8% fibonacci retracement level of the $3,858 2020 low to $69,000 2021 high.” - QCPCapital
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