The cryptocurrency market has undoubtedly started the year 2023 on a very positive note. BTC, which was at $ 16,500 on January 1, 2023, has grown by 80 percent as of the moment, leaving $30,000 behind.
$30,000 was seen as an important resistance level, both technically and psychologically.
Throwing a needle up to $ 30,300 as of the broadcast time, BTC also enabled the entire market to move upwards. While Bitcoin has experienced a 6.5% increase in the last 24 hours, ETH has increased by 4% to $ 1930.
With the recent rise, it seems that Bitcoin has suppressed the entire market. When we look at the dominance of BTC in the market, it does not go unnoticed that it has reached the level of 48.5 percent. This reveals that the money in the market is flowing to Bitcoin.
Currently, the most important resistance points for Bitcoin are seen as $ 30,800 and $ 31,800. Especially, a 4-hour close above $30,200 on average strengthens the possibility of testing the next resistance points.
On the other hand, with the break of $ 31,800, BTC is extremely likely to rise to $ 35,000.
In case the market moves on the downside, the most important support is the $27,800 and $28,700 levels.
*Not investment advice.
