Bitcoin hits its all-time high in 2023 as crypto momentum builds

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(Kitco News) – The cryptocurrency market fell under pressure during early training on Wednesday and struggled to build momentum until later in the afternoon as prices started to rally and Bitcoin bulls aimed to break through resistance at $23,000.

The stock also faced a pullback on market open and spent the remainder of the trading session working its way higher in an attempt to break even again during the day. As markets closed in the US, the S&P and Nasdaq managed to recoup most of their losses, finishing down 0.02% and 0.18% respectively, while the Dow managed to climb back into positive territory and ended the day up 0.03%.

TradingView data shows that bears in Bitcoin (BTC) made multiple attempts to push its price lower during Wednesday’s trading, eventually driving BTC to a daily low of $22,345 before bulls managed to push it back above the lows. $22,800. An afternoon rally saw the major cryptocurrency hit a daily high of $23,829.

BTC/USD 4-hour chart. Source: TradingView

Kitco senior technical analyst Jim Wyckoff called the morning’s drawdown “a routine corrective pullback after it hit a four-month high this week” and suggested it had no material impact on the current outlook for Bitcoin.

“BC bulls still have a solid short-term overall technical lead amid a strong uptrend in prices ongoing on the daily bar chart,” Wyckoff said, which “suggests that more price upside is likely at short term”.

Limited range before climbing to $25k

More insight into what might happen next for Bitcoin was provided by market analyst Duo Nine, who posted the following tweet noting the potential for a pullback to $21,000 or range-bound trading between $22,000 and $23,000.

The prospect of range-bound trading was also noted by market analyst Crypto Tony, who provided the following chart highlighting the possibility of a continuation of the uptrend into mid-February following a corrective wave.

And one last insight into how the current price action for Bitcoin compared to previous cycles was provided by crypto analyst Mustache, who noted that a specific indicator is signaling that a bull market may start to pick up.

Select the altcoins that rise the highest

The downward pressure on the cryptocurrency market pushed most altcoins into the red for the day, apart from some notable hits that saw their prices jump higher.

Daily performance of the cryptocurrency market. Source: Coin360

The biggest gainer of the day was LCX (LCX), which rose 41.56% to a daily high of $0.158, followed by gains of 41.02% for Aptos (APT) and 20.43% for Hooked Protocol (HOOK).

The overall cryptocurrency market capitalization is now $1.038 trillion, and Bitcoin’s dominance rate is 42.5%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee its accuracy. This article is for informational purposes only. It is not a solicitation to effect any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article accept no liability for loss and/or damage arising from the use of this publication.

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