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Bitcoin and Ethereum Prices Get a Chinese New Year Booster in Next Leg of Rally?

Arslan Butt
Last updated: | 5 min read

On January 20th, Bitcoin is on a bullish run, breaking above a double top resistance level of $21,600 that’s exposing BTC towards the $22,500 level. Ethereum has also violated a major resistance area of $1,610 and is closing candles above this level are opening further room for buying until $1,675.

The Chinese New Year is coming up on Sunday, January 22nd, which often leads to market volatility.

The largest national holiday in China is called the “golden week,” and has 12 days of celebrations with different animal themes. In 2021, the theme of the year is “The Year of the Dog,” which begins on June 18th and 2023 will be “The Year of the Rat.”

The Shanghai and Shenzhen Stock Exchanges will be closed from 23rd to 27th Jan. 2018 due to the Lunar New Year Holiday period. This will impact the stock market and global trade volumes as a result.

Therefore, customers have more incentive to manipulate assets during the holiday season especially since there is a profit gain if you’re able to sell before December 28th.

Is There A Correlation Between Chinese New Year And Bitcoin Price Dumps?

Bitcoin is usually red the weeks before Chinese New Year. In 2019, the price dropped steadily from $3,491 on January 1st to lows at $3,397 on February 2nd. It is typical for cryptocurrencies to fall at the beginning of a new year. They tend to be buoyed by the holidays and then crash back down after. 

By Thursday, prices had recovered somewhat and were valued at $8,526 on Friday morning. This history has repeated itself before, which will lead investors to predict the end of its future trajectory

A gradual increase followed by a huge surge in tech stocks happened during the first week of February, with a big 2-day rally to end the week.

After the Chinese New Year event, prices started to retrace a bit back to $46.2k. Fortunately, this did not wipe out all the gains made before the Chinese New Year

In 2022, prices of Bitcoin took a sharp nosedive to around $37,000 levels just before the holidays. As for the rest, bitcoin saw a peak in price towards about $39k just before the Chinese New Year.

Bitcoin Price 

The price of Bitcoin today is $21,837 with a 24-hour trading value of $23 billion. Bitcoin is up 3.39% in the last 24 hours and currently has CoinMarketCap ranking #1 and with a live market cap of $420 billion dollars.

Bitcoin, BTC, is reaching the $22,500 mark and approaching the $23k mark. It’s on a bullish run and will likely continue over this period of time.

On the 4-hour timeframe, Bitcoin has formed “three white soldiers” and a breakout of this double top resistance is suggesting chances of a bullish trend continuation.

Bitcoin Price Chart – Source: Tradingview

As of now, Bitcoin is near the $1,675 resistance level and will likely continue to work its way up until it reaches the $1,760 level. If a bullish breakout occurs, it would be wise to take advantage of the rise which has opened more room for buying.

Ethereum Price 

The current Ethereum price is $1,621.48 with a 24-hour trading volume of $7 billion. Ethereum has up 4.38% in the last 24 hours and is currently ranked 2 by CoinMarketCap with a market capitalization of $198 billion.

Ethereum has broken out of the resistance area that was preventing a break to new highs, closing candles above this level are opening further room for buying. It’s currently trading at $1,657

Ethereum Price Chart – Source: Tradingview

The ETH/USD pair is on an increase in value right now and has a major resistance level of $1,610. Closing the candles above this level of resistance is supporting the trend that could be bullish.

On the 4-hour time frame, the ETH/USD pair has formed a sideways channel and is currently in an upward trend which is support at $1,600. A breakout down could expose ETH near $1,515.

Get Ahead Of The Game: 3 Coins To Look Out For During Presale

Investing in altcoins at their presale stage can prove to be a very rewarding experience for investors. By carefully researching and following the recommendations of leading altcoins, they can be in a great position to capitalize on the potential of these coins.

Fight Out (FGHT)

Fight Out is a convenient and cost-effective way to stay fit. By purchasing their FightOut tokens, you can gain access to expert personal training services at a low cost, allowing even those on a tight budget to reap the benefits of exercise.

The FGHT presale was a huge success, raising $3.11 million. All avatar-related activities have been documented, providing you with an excellent resource against which to judge your actions. You only have a limited time to get 60.06 FGHT for every $1 you spend (in ETH or USDT).

Furthermore, the market forecast indicates that FGHT prices will rise as the sale continues, so act quickly and seize this opportunity.

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C+Charge (CCHG) 

C+Charge is launching a groundbreaking blockchain-powered payment system for EV owners. When users make their first charge, they will receive carbon credits, with the ultimate goal of significantly reducing greenhouse gas emissions. 

This game-changing technology has the potential to completely transform the long-established carbon credit market, which has been heavily dominated by a small group of people. It creates a level playing field and allows many companies to participate in this sector. 

The Voluntary Credit Market (VCM) market is expected to reach an impressive $100 billion by 2030. C+Charge, a market leader in this space, is taking the lead and has successfully raised over $335,000 during its pre-sale, indicating that the industry is expanding rapidly.

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Meta Masters Guild (MEMAG)

The Meta Masters Guild has seen tremendous growth, rising from $200,000 to a whopping $550,000 in just a few days. This phenomenal rise suggests that the public has placed a high level of trust in the company’s future expansion and profit-generating ability. Meta Masters Guild will release its first mobile game in Q3 2023.

MEMAG, their own cryptocurrency, enables users to exercise governance rights, engage in staking activities, and buy items and NFTs on the network. In addition, they intend to develop play-to-earn and Web3 games to provide even more interesting gaming experiences. 

Early investors have a limited window of opportunity to participate in the MEMAG sale, which presently provides 1 MEMAG for $0.01. 

However, this price is projected to rise in less than two weeks, so interested purchasers should act soon if they want to get the currency at the lowest possible price. Don’t miss out on this incredible bargain, which has seven phases!

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Find The Best Price to Buy/Sell Cryptocurrency

Cryptocurrency Price Tracker – Source: Cryptonews