The crypto bear market of 2022 has spared no digital asset in the space, and stablecoins have been no different. The assets which have always served as a safe haven for investors when it comes to the high volatility of the crypto market had seen a drawdown coming into the new year. As a result of this, for the first time, these stablecoins are now seeing a reversal of their otherwise bullish growth trend over the last couple of years.
The rally is leaded by Bitcoin
Bitcoin surpassed $24,000 amid a broader recovery in the cryptocurrency sector, which has seen the global market valuation reach $1 trillion. Over the last seven days, the leading cryptocurrency has surged by more than 23%.
The bull run barely got started. For the first time in more than a month, Bitcoin exceeded the $24,000 threshold. Investors can exhale with relief after nearly three months of “extreme fear.” On Wednesday, BTC reached a record high of $24,120, increasing by 8% in only one day and trading at levels not seen since mid-June.
TradingView reports that the price of one bitcoin is currently $24,120.30. The trading volume over a 24-hour period is $49.929,803,913. The value of Bitcoin has climbed by 7.97% over the previous day.
Bitcoin investors hope that the Fed will adopt a more accommodating approach at its following policy meeting. Risky assets like stocks and cryptocurrencies have been considerably impacted by the US central bank’s tightening monetary policy. Since the beginning of 2022, the price of bitcoin has decreased steadily by about 50%.
Bitcoin technical analysis
Bitcoin price formed a high near $24,264 and is now consolidating gains. There was a minor downside correction below the $23,750 level.
Bitcoin traded below the 38.2% Fib retracement level of the upward move from the $21,405 swing low to $24,264 high. However, the bulls were active near the $23,000 support zone.
There is also a key bullish trend line forming with support near $23,200 on the hourly chart of the BTC/USD pair. On the upside, bitcoin price could face resistance near the $23,750 level. The next key resistance is near the $24,000 zone.
Source: BTCUSD on TradingView.com
In the stated case, the price may perhaps rise towards the $24,500 level. The next major resistance sits near the $25,000 level.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $23,000, followed by $22,750.
Major Resistance Levels – $23,750, $24,000 and $25,000.
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