Bitcoin Holds Above $22K, Ethereum, Dogecoin Rise: Analyst Sees Apex Crypto Hitting This Level After 'Giga God' Candle Squeeze

Major coins remained more or less steady on Sunday evening after cryptocurrency lender Genesis held $5.1 billion in liabilities following its freeze on withdrawals in November.

What Happened: The largest cryptocurrency by market value Bitcoin BTC/USD held itself above $22,000 and was trading at its highest level since mid-September. Ethereum ETH/USD was up 0.7% at $1,639, while Dogecoin DOGE/USD was up 4.71% in the last 24 hours at $0.089.

U.S. equities closed higher on Friday as investors digested mixed earnings reports from leading banks. The tech-heavy Nasdaq Composite soared 2.6%, while the S&P 500 and the Dow Jones Industrial Average (DJIA) gained 1.8% and 1.0%, respectively. Rising demand for tech shares and optimism among investors on the outlook for corporate profits drove the markets higher. 

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Crypto analyst Michaël van de Poppe said the total market capitalization has broken through the 200-Day EMA, a positive sign for crypto and a sign that the market may continue to rally up to $25,000 or may undergo a corrective pullback to $19,500. 

Total market capitalization broke through the 200-Day EMA.

Good signs for #crypto, as continuation seems likely.

In between continuation to $25K or a correction to $19.5K.

To continue -> hold above 200-Day EMA and break resistance. 200-Day EMA potential entry point. pic.twitter.com/gwYXt1vbbt

— Michaël van de Poppe (@CryptoMichNL) January 22, 2023

Rekt Capital, a pseudonymous analyst, said that Bitcoin’s dominance has reached red resistance and appears to have slightly overextended it on the one-day chart. This has led to some altcoin breakouts, but Bitcoin dominance may be retesting red right now.

#BTC Dominance has reached red resistance & even slightly overextended it

On the 1D, $BTC DOM is briefly dipping which has helped Altcoin breakouts

But BTC Dominance may be retesting red right now, which would enable an increase in BTC.D in the coming days#Crypto #Bitcoin pic.twitter.com/qzNqbmN5u9

— Rekt Capital (@rektcapital) January 22, 2023

Crypto Kaleo, another pseudonymous analyst, anticipates that the upcoming breakout will resemble the one which occurred in March or April of 2019 following a long-term trend break. The chart he shared displays several days of low-range trading above the breakout level, followed by a jump to around $30,000.

#Bitcoin / $BTC

Expecting a similar setup for this breakout to what we saw in March / April of 2019 after the HTF trend break (chart shown on left).

Several days of accumulation grinding slightly higher above the breakout level, followed by a giga god candle squeeze to ~$30K pic.twitter.com/mLbMiWo7aa

— K A L E O (@CryptoKaleo) January 22, 2023

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