Bitcoin price started a rally above the $17.000 resistance. BTC is currently up 2%. The previous resistance at $17.000 can now act as a strong support.
Likewise, most major altcoins are bullish. ETH is up 4% and is approaching the $1.340 resistance zone. XRP is attempting a move above the $0,3550 resistance. ADA is consolidating above the $0,32 pivot level. the value of cryptocurrency market is US$ 851,85 billion, up 3,36% on the last day.
In this article, we will discuss:
S&P 500 and December CPI
US equities added to global gains, boosted by the reopening of trade in China and expectations of slower rate rises. Wall Street stock futures pointed to additional gains after the S&P 500 and Nasdaq 100 both jumped nearly 1% on Monday.
This week in the US, the main release is the December CPI, on Thursday. Before that, on Tuesday, the highlight will be the speech by Jerome Powell, chairman of the Federal Reserve, on the next steps of American monetary policy. The data is expected to be more expressive after last week's jobs data did not provide a clear picture, with unemployment at its lowest level in decades, while wage gains were weak.
Bitcoin price
After a clear bullish move above the $16.950 resistance zone, the bitcoin price started a rally on the hourly chart. BTC managed to clear the $17.000 and $17.100 resistance levels. The price stayed above $17.200 and with RSI above 70 in an overbought level. It is now consolidating near the $17.250 resistance. On the upside, the price is likely to face resistance near the $17.400 level. The next major resistance is near the $17.500 level, above this zone the price can rise to the $18.200 level.
On the downside, the initial support is near the $17.150 level. There is also minor support near the $16.950 zone, below which the price could test the key support at $16.650.
Ethereum Price
O ethereum price also gained strength above the $1.300 resistance zone, ETH is up more than 4% on the day. The price is now consolidating near the $1.320 level and preparing for a rally. Immediate resistance is near the $1.350 level, followed by the $1.420 level.
On the downside, the initial support is near the $1.300 level. The next support is at $1.285.
Price of ADA, MATIC, SOL, DOGE and XRP
Cardano price (ADA) managed to rise above the $0,32 resistance zone. It is now consolidating and could target the $0,3620 resistance zone in the near term.
Polygon price (MATIC) is consolidating above the $85 resistance zone. If there is a break above the $90 level, the price could steadily move higher towards the $95 level.
price of solana (SOL) is attempting a breakout above the $18 resistance zone. If the bulls are successful, the price might move higher towards the $20 and $26,50 levels.
DOGE price it is trading in a range above the $0,0720 level. Immediate resistance is near $0,080, above which it can rise to $0,095.
XRP price it is rising again and rising towards the $0,3650 resistance. If there is an upside breakout, the price can move up towards the $0,3950 resistance.
