According to the most recent data, Bitcoin (BTC) continued to push toward $17,000 on Wednesday as an “extremely tight” trading zone persisted, but it is still trailing Ethereum (ETH), Binance Crypto exchange Coin and Cardano (ADA).
BTC/USD reached $16,906 on Bitstamp, up $300 from the previous day’s low, according to data from Cointelegraph Markets Pro and TradingView.
Analysts said BTC had profited from a “positive start to the year on Wall Street,” which has given previously sideways crypto assets a rise.
Filbfilb, the cofounder of the trading platform Decentrader, discussed the 12-hour chart. According to him, bulls required the 50-day moving average (MA) to hold, with immediate range support and resistance levels at $15,500 and $18,000.
“Bitcoin needs to maintain the 50 DMA and break last week’s high but a trip there seems possible heading into the CPI data,” Filbfilb said.
Regardless of the mini rally, trading firm QCP Capital said that Bitcoin is “still trading in an extremely tight falling wedge.”
However, the release of the Consumer Price Index (CPI) for the United States next week may provide the positive news that BTC price action needs.
BTC falls short, Ethereum persists
Meanwhile, Ethereum (ETH) appears to be holding up well, backed by stable support levels to provide “much-needed comfort to bulls” in the event of a new market crash, analysts pointed out.
As quoted by Cointelegraph, QCP wrote that “ETH continues to look decidedly more bullish than BTC,” even though it is trading within “a consolidation pattern.”
At the time of writing, ETH/USD was trading at $1,250 for the first time since December 16, with the January 4 daily candle sealing a 3 percent profit.
BTC price is facing short-term resistance at its current levels. According to analyst Caleb Franzen, Bitcoin is likely to continue seeing resistance around these prices and higher.
In terms of the next crypto market crash, QCP said that it would be “prepared” to wait for many months.