. Daily Crypto Analysis - Explore crypto highs, lows, and trends shaping landscapes.

Daily Crypto Analysis – Explore crypto highs, lows, and trends shaping landscapes.

Daily Crypto Analysis – Explore crypto highs, lows, and trends shaping landscapes.

02 Jan 2024

Introduction:

In the dynamic world of cryptocurrencies, Bitcoin has surged above $45,000, marking its highest level since April 2022. Amid positive sentiments about potential spot Bitcoin ETF approval, investors eagerly anticipate increased market accessibility. Ethereum shows promise with a record-low supply on exchanges, while other crypto like SOL and Ripple undergo notable trends.

Bitcoin:

Bitcoin reaches a level above $45,000 for the first time since April 2022.

On Tuesday, Bitcoin surged beyond $45,000, a level not seen since April 2022. The leading cryptocurrency began the New Year with enthusiasm, driven by positive sentiments regarding the potential approval of exchange-traded spot bitcoin funds.

Investors are closely watching for the imminent approval of a spot bitcoin ETF by the U.S. securities regulator. Such approval would broaden access to the Bitcoin market for millions of investors and attract significant investment inflows.

Bitcoin reached a 21-month high at $45,532, exhibiting a remarkable 156% gain in the past year, marking its most robust annual performance since 2020. Currently, it is up 2.5% at $45,318, though still significantly below the record high of $69,000 reached in November 2021.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 44328.9 | Positive Crossover | Bullish
  • MA 20: 42910.8| Positive Crossover | Bullish
  • MA 50: 43002.5| Positive Crossover | Bullish

Simple:

  • MA 5: 43898.4 | Positive Crossover | Bullish
  • MA 20: 42909.3| Positive Crossover | Bullish
  • MA 50: 43002.2| Positive Crossover | Bullish

RSI (Relative Strength Index): 73.49| Buy Zone |Bullish

Stochastic Oscillator: 100| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 47142.25| R2: 49075.58
  • S1: 44733.56| S2: 42057.24

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Limit Buy: 44532.84 | Take Profit: 47142.25 | Stop Loss: 42927.05.

Ethereum:

The potential for a rebound in Ethereum’s price arises as the supply of ETH on exchanges reaches an unprecedented low.

The supply of Ethereum on exchanges has reached an unprecedented low, with only 8.04% of the total asset supply residing in exchange wallets. Ethereum’s price is poised for a resurgence, buoyed by an increase in active addresses on the Ethereum chain. Despite traders consistently taking profits, the ETH price remains above the psychological barrier at $2,000.

Ethereum, the second-largest cryptocurrency by market capitalization, has observed a significant reduction in its supply on various exchange platforms. The amount of ETH tokens on exchanges has reached a historic low, marking a new milestone since Ether’s inception.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2356.09 | Positive Crossover | Bullish
  • MA 20: 2322.84| Positive Crossover | Bullish
  • MA 50: 2274.53| Positive Crossover | Bullish

Simple:

  • MA 5: 2339.26 | Positive Crossover | Bullish
  • MA 20: 2322.82| Positive Crossover | Bullish
  • MA 50: 2274.52| Positive Crossover | Bullish

RSI (Relative Strength Index): 64.24| Buy Zone |Bullish

Stochastic Oscillator: 82.01| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 2428.35| R2: 2612.20
  • S1: 2297.03| S2: 2155.87

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:  Stop Buy: 2457.90 | Take Profit: 2612.20 | Stop Loss: 2369.26.

Elsewhere In the Crypto Market

SOL has encountered a recent retracement, indicating a potential phase of consolidation. The price of Ripple is consolidating within the boundaries of a symmetric triangle on both the daily and three-day time frames.

Bitcoin is down (0.3%) at 43,747, Ethereum is up (3.41%) at 2,316.4, Litecoin is up (2.87%) at 75.30, Solana is up (13.18%) at 115.82, Dogecoin is up at (4.98%) at 0.939 as of writing time.

Key Economic Events & Data Release Today:

(CNY) Caixin Manufacturing PMI (Dec) Actual 50.8, Forecast 50.4, Previous 50.7 at 07:15.

(EUR) German Manufacturing PMI (Dec) Forecast 43.1, Previous 42.6 at 15:30.

(GBP) Manufacturing PMI (Dec) Forecast 46.4, Previous 47.2 at 15:00.

(USD) Manufacturing PMI (Dec) Forecast 48.2, Previous 49.4 at 20:15.