BTC/USD is the exchange rate between bitcoin and the US dollar. BTC to USD indicates the number of US dollars needed to purchase one bitcoin. Bitcoin, the first decentralised digital currency, was created in 2009 and functions as a peer-to-peer payments system. It does not rely on central authorities or banks to manage transactions; instead, they are “collectively managed by the network.”
Using the pseudonym Satoshi Nakamoto, an unknown individual or group invented the cryptocurrency. Since then, it has become one of the most popular digital assets. In January 2009, the first Bitcoin token, the so-called genesis block, was mined. The Proof-of-Work (PoW) consensus process secures the Bitcoin network, with miners validating BTC transactions in exchange for BTC rewards. The method is known as cryptocurrency mining.
In halving events, these incentives are halved approximately every four years, or every 210,000 blocks produced, so reducing the total number of BTC coins in circulation and increasing the price of the cryptocurrency by reducing supply. The most recent halving occurred on 11 May 2021, when the block reward for bitcoin was cut to 6.25BTC. The subsequent halving event is anticipated to occur in 2024. Now when BTC is recovering it will case major changes and a lot of coins will pump which you will know about in this article.
The cryptocurrency markets have made a significant recovery in recent days. That brought the overall crypto market capitalization to $995 billion on Jan. 14, according to CoinMarketCap data. Bitcoin $20,950 led the rally from the front, exploding past $21,000 on Jan. 14. After the rapid gain, the main question is whether the recovery is a dead cat bounce that is a selling opportunity, or the start of a new uptrend. It is difficult to forecast with precision whether a macro bottom has been reached, but the charts indicate that a process of bottoming has begun.
Independent market expert HornHairs noted that the bear market from 2017 to 2018 lasted 364 days, and that from 2021 to the current market trough, the duration will be 364 days once again. Another notable resemblance is that both the bull market from 2015 to 2017 and the bull market from 2018 to 2021 lasted 1,064 days. If history is any indication, Bitcoin may reach its next peak in approximately 1,000 days. Bulls have been enthralled by Bitcoin’s short-term price activity, but are other altcoins exhibiting similar power in the short term?
LTC/USDT
On January 12, $86.21 surpassed the overhead resistance at $85, suggesting the beginning of a fresh rally. There are no significant obstacles until the price reaches $107. On the downside, the bulls will vigorously defend the area between $85 and the 20-day exponential moving average ($79). If the price recovers from this region, the LTC/USDT pair might extend its ascent to $107.
The ascending moving averages indicate bullish advantage, but the RSI over 77 indicates that a pullback or consolidation is imminent. In order for bears to have the upper hand, the price must go below the breakthrough level of $75. This might pave the way for a decline to $61. The four-hour chart indicates that the pair is in an uptrend, with bulls protecting the 20-EMA with vigour. If investors push the price above $92, the pair might gain momentum and go toward the psychological $100 mark.
In contrast, if the price declines and falls below the 20-EMA, it indicates that short-term traders may be booking profits. This may cause the price to approach the 50-day simple moving average (SMA). This is a crucial level for the bulls to maintain, as a breach might increase the likelihood of a decline to $80 and ultimately $75.
OKB/USDT
OKB (OKB) has begun a new rally as numerous other cryptocurrencies are attempting a bottom. Typically, it is a solid strategy to purchase dips in an uptrend while maintaining an appropriate stop loss. The bulls are in control, but a short-term consolidation or correction cannot be ruled out given the upward slope of the moving averages and the overbought RSI reading. The OKB/USDT pair may fall to the 20-day exponential moving average ($27.64), which is anticipated to provide solid support.
If the price recovers from this level, the pair may approach the formidable overhead resistance at $34.18. Crossing this level may be challenging, but if the bulls succeed, the pair might soar to $42 if they are successful. If bears wish to halt the uptrend, they must push the price below the 20-day exponential moving average (EMA). If they succeed, the pair might fall under the 50-day simple moving average ($24.05).
The four-hour chart reveals that the uptrend was greeted with significant selling near $33 and that the pair could correct to the 20-day exponential moving average. If the price recovers from this level of support, it will indicate that bulls are purchasing on every slight down. This might cause the price to rise to $34.18. In contrast, if the price falls below the 20-EMA, the decline might reach the 50-SMA. If the price returns from this level, bulls may encounter resistance at $31 and again near $33 and attempt to restart the uptrend.
BIT/USDT
BitDAO (BIT) surged from $0.26 on December 27 to $0.53 on January 14, demonstrating a robust positive trend. In addition, the minor pullback on January 15 implies that investors are not rushing to sell their positions because they expect the uptrend to continue.
The BIT/USDT pair could restart its uptrend if bulls propel the price above the overhead resistance at $0.54. The next upwards resistance is at $0.68. The bears may present a formidable battle at this level, as a break and close above it might pave the way for an uptrend to $0.80.
The initial support is at $0.46, followed by the 20-day exponential moving average ($0.42). A strong rebound from either support will indicate that investors are purchasing on losses. This might result in a $0.54 retest. If the price falls below the 20-day exponential moving average (EMA), bears could seize control.
According to the four-hour chart, the pair faces resistance near $0.54, although the bulls are expected to defend the decline to the 20-exponential moving average. A big return from this level will indicate that bulls are purchasing on minor falls. This may increase the likelihood of a break over $0.54.
Alternately, numerous short-term traders may book profits if the market declines and breaks below the 20-EMA. This might pull the pair to the 50-day simple moving average. If this level is also breached, the pair may fall to $0.41.
FTM/USDT
On January 9, $0.32 surpassed the downtrend line, indicating a possible trend shift. The breakout was followed by a rapid rise that pushed the RSI to levels that were significantly overbought. Vertical rallies are unsustainable, therefore a reversal was anticipated. The FTM/USDT pair might decline to the 38.2% Fibonacci retracement level of $0.30, followed by the 50% retracement level of $0.28. If the price rises from this area, it will indicate a shift from selling on rallies to buying on declines. The bulls will next attempt to resume the recovery and push the pair higher over $0.36. If they do so, the pair may increase to $0.42.
In contrast, a break and closure below $0.28 might drag the pair to the 61.8% retracement level at $0.26. A deeper decline might halt the positive momentum and raise the likelihood of a trading range forming.
Both moving averages are ascending, and the RSI is in the positive region, indicating that buyers have an advantage. The pair might fall to the 20-exponential moving average (EMA), which is anticipated to provide strong support. If the stock recovers from this level, bulls will attempt to resume their upward.
In contrast, if the price falls below the 20-EMA, it indicates that traders are booking gains quickly following the recent rally. The correction might then extend to the 50-day simple moving average.
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