Crypto Market Analysis:
This week saw a bullish phase in the cryptocurrency market, with increased buying interest across major cryptocurrencies. Bitcoin experienced an 11% increase, reaching $46,937. The rising inflow into Bitcoin ETFs further indicates growing market interest in BTC and a positive outlook.
Breaking Above Critical Resistance
The total cryptocurrency market cap is breaking above a critical resistance zone, signaling a possible recovery phase and potential for further market growth. A weekly close above this area could turn resistance into support and lead to an expansive upward trend.
Is Bitcoin (BTC) Price Heading Back to $49,000?
Bitcoin recently broke out from a pennant pattern’s resistance trendline, indicating a bullish continuation pattern. This breakout could push the BTC price up by another 4% in mid-February, potentially challenging the yearly high of $49,000. Historical data suggests that February and October have been favorable months for Bitcoin returns.
Renewed Recovery Sets ImmutableX (IMX) Price For Rally Beyond $2.84
ImmutableX (IMX) experienced a bullish reversal during the late January surge in the crypto market. The announcement of Immutable zkEVM Mainnet Early Access powered by Polygon contributed to this recovery. If the current trend continues, IMX’s price could increase by 6% in the upcoming week and potentially surpass the March 2022 high of $2.84.
Is SUI Price Ready to Hit $2?
SUI price has shown consistent growth within a rising wedge pattern on the daily chart. While it experienced a small loss in intraday trading, the price’s reversal from the upper edge of the pattern suggests a potential pullback towards the lower trendline. This could be a buying opportunity, with the price poised to reach $2 in the next upward move.
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