Bitcoin and Ethereum Prices Get a Chinese New Year Booster in Next Leg of Rally?
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.”
Year of the Rat pic.twitter.com/7MP9SSe7Cw— ONE Esports (@ONEEsports) January 19, 2023
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.
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.
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.
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
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.
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