BTC no longer stops – Bitcoin is making new highs in 2023, and gold has just marked a new all-time high by reaching $2,075. Are the two assets correlated? Capital is flowing into these two assets currently.
The king of cryptocurrencies closed the week in the green for the seventh time in a row, and it begins the week by continuing to mark new highs. The price of Bitcoin has exceeded $42,000, and many players have been liquidated. Here is today’s newsletter!
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Bitcoin price stagnates over 24 hours
The course marked a new high in the evening around $42,400. However, the sellers managed to push the price below the $42,000. As a result, the price of Bitcoin stagnates over 24 hours :
| 1H | -0.30% | -0.74% | -0.72% |
| 24H | 1.62% | 0.43% | 0.43% |
| 7D | 1.77% | 12.72% | 12.67% |
| 1M | -2.36% | 18.48% | 18.31% |
| 3M | 17.60% | 61.63% | 61.61% |
| 6M | 30.16% | 57.74% | 57.65% |
Bitcoin outperforms Ethereum over the last month of 0.68% while the price of BTC in USD increased by 18.31%.
Bitcoin performance against different pairs. Source: Coincheckup
In one week, the course shows a increase of more than 10%. Also, in three months, the course is in increase of more than 60%. For its part, the BTC/ETH pair climbs1.6% in 24 hours and almost 2% in one week. Bitcoin regains control of the throne.
Bitcoin surprises buyers and sellers: more than $340 million liquidations
The price of BTC has regained volatility since a few months. In fact, it is not uncommon to see significant liquidations in the cryptocurrency market. Indeed, several days were bloody during the month of November. On November 9, 500 million dollars in liquidations have been registered on the market. Also, the market liquidated $330 million on November 14.
Yesterday, BTC exceeded $42,000and the market recorded almost $350 million in liquidations. Sellers experienced many losses, but so did buyers. Indeed, if 200 million dollars were liquidated on the sellers’ side, $140 million in liquidations were recorded for buyers. In total, there was $100 million in liquidations on Bitcoin including 80 million dollars on the sellers’ side.
Bitcoin price stuck at $42,000
The level of resistance at $42,000 rejected the course. However, despite this slight rejectionthere trend remains unchanged for the king of cryptocurrencies in the short term. The price draws a dynamic with ascending troughs and peaks, the buyers have the hand :
The price could head towards the institutional bias (EMA 9/EMA 18) and at the level of support at $40,500. In case of bounce and breakage of the resistance at $42,000the price could join the next resistance located at $44,000. Also, the RSI continues to show a bullish trendTHE buyers have their hands on the momentum in 4 hours.
The price of Bitcoin has exceeded $42,000, and approximately $350 million in positions have been liquidated in the cryptocurrency market. The price blocks at the $42,000 level, and a return to the support level at $40,500 is possible. For the moment, the trend is upward. Buyers have their hands on the king of cryptocurrencies. At the same time, Ethereum (ETH) has exceeded $2,200, has the rocket launched?
Bitcoin news that matters:
- Bitcoin marks a new high in 2023 by exceeding $42,000, and gold reaches $2,075 for the first time in its history. Are the two assets correlated?
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