The price analysis for several cryptocurrencies has been released for the first month of 2023. As expected, Bitcoin has managed to claw its way back into the game with a sum of $19,000 on the 12th of January.
This is interestingly the highest level that the cryptocurrency went to since the 8th of November. Now, while a bull market may not be the point of contention, Glassnode data does suggest that there could be a foundation in place for a macro bottom in Bitcoin. The on-chain analytics firm also went on to tweet on the 12th of January that around 13% of the entire circulating supply brought back profit when the cryptocurrency was rallying at a price of $18,200. This also suggests quite a large phase of accumulation that must have taken place in the price range between $16,500 and $18,200.
The Price Analysis Of Cryptocurrencies Shows How Important 2023 Could Be For Them
The price analysis of other cryptocurrencies also shows signs of accumulation. Ether has been increasing the sharks that hold on to it- as it has increased by 3,000 since the 22nd of November, according to Santiment data. Quite a few times, traders also end up missing a bottom because they are always in denial. If the traders are looking towards catching a trend early, they should manage to keep a far closer eye on the price action because it may indicate a bullish sentiment for the cryptocurrency.
The price analysis for BNB shows that it managed to bounce off the simple moving average of 50 days of $268 on the 10th of January- and continued on its northward march. The price is currently near a sum of $300- where the bears are supposed to mount a far stronger resistance.
