{"id":9899,"date":"2023-01-21T11:11:46","date_gmt":"2023-01-21T11:11:46","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=9899"},"modified":"2023-01-21T11:11:47","modified_gmt":"2023-01-21T11:11:47","slug":"dead-cat-bounce-bitcoin-price-nears-23000-in-fresh-5-month-high","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9899","title":{"rendered":"Dead cat bounce? Bitcoin price nears $23,000 in fresh 5-month high"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) took a swing at $23,000 into Jan. 21 as Asia buyers drove fresh market strength.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Bid liquidity causes suspicion<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD battling bears to reach $22,790 on Bitstamp overnight \u2014 its highest since August.<\/p>\n<p>With new multi-month peaks coming in quick succession despite fears of a major correction, Bitcoin continued to surprise as traders cleared the way for more upside.<\/p>\n<p>As noted by intraday trader Skew, Asia was leading the way into the weekend, with sellside pressure from market makers being absorbed on exchanges.<\/p>\n<p>\u201cAnother rally driven by asia bid. TWAP buyers absorbing the sell pressure from MMs. Large spot bid lifting offers &amp; ask wall pulled prior to another short squeeze,\u201d Skew commented on a composite chart.<\/p>\n<p><em>BTC\/USD annotated charts. Source: Skew\/ Twitter<\/em><\/p>\n<p>On-chain analytics resource Material Indicators meanwhile flagged ask liquidity being removed on Binance the day prior, this allowing Bitcoin\u2019s initial run beyond the $22,000 mark.<\/p>\n<p>\u201cVolatility continues. Don&#8217;t give it all back, be sure to take some profit along the way,\u201d it wrote in part of a subsequent update.<\/p>\n<p><em>BTC\/USD order book data (Binance). Source: Material Indicators\/ Twitter<\/em><\/p>\n<p>As ever, Bitcoin was far from above suspicion at its latest highs, with some familiar faces still urging traders to prepare for the worst.<\/p>\n<p>\u201cThe bigger the pump, the harder BTC will fall down,\u201d analyst Toni Ghinea tweeted, while Crypto Tony argued that the entire move may be nothing more than a \u201cdead cat bounce.\u201d<\/p>\n<p>\u201cRegardless if this is dead cat relief wave or a reversal on Bitcoin, it is great to see some optimism back in Crypto,\u201d he summarized.<\/p>\n<p>Considering why further gains were coming after the end of the week\u2019s TradFi trading, one popular commentator additionally suggested that traders were being manipulative.<\/p>\n<p>\u201cNo one who genuinely wants to buy and own crypto waits until the Friday close each week to execute,\u201d an update read, adding that those buyers\u2019 \u201caim is clear.\u201d<\/p>\n<p>Earlier in the week, Material Indicators had likewise warned of \u201cchoreographed\u201d bidding on BTC.<\/p>\n<p><em>BTC\/USD 1-day candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>Key moving average on the horizon<\/h2>\n<p>Attention thus focused on the upcoming weekly close for BTC\/USD, which if current prices were to sustain would be its best since mid-August.<\/p>\n<p>At the same time, Bitcoin looked to be about to print a so-called \u201cdeath cross\u201d on the weekly chart, with the descending 50WMA about to cross over the still-rising 200 WMA.<\/p>\n<p><em>BTC\/USD 1-week candle chart (Bitstamp) with 50, 200WMA. Source: TradingView<\/em><\/p>\n<p><strong><em>Related:\u00a0Bitcoin faces $15K crash as US sparks \u2018financial meltdown\u2019 \u2014 Arthur Hayes<\/em><\/strong><\/p>\n<p>A major target was the 200-week moving average (WMA), currently at $24,650 and out of reach for much of 2022. <\/p>\n<p class=\"post-content__disclaimer\">The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/dead-cat-bounce-bitcoin-price-nears-23-000-in-fresh-5-month-high\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) took a swing at $23,000 into Jan. 21 as Asia buyers drove fresh market strength. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView Bid liquidity causes suspicion Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD battling bears to reach $22,790 on Bitstamp overnight \u2014 its highest since August. With new multi-month peaks coming [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9899","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9899"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9899\/revisions"}],"predecessor-version":[{"id":9901,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9899\/revisions\/9901"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9900"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}