Bitcoin teases weekly highs as traders eye BTC price leg up to $17.3K
Bitcoin (BTC) inched closer to $17,000 on Jan. 3 as the first Wall Street open of the year loomed.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $16,766 on Bitstamp — its best performance since Dec. 27.
Analysts and traders were keenly awaiting the start of Wall Street trading after European stocks posted gains the day prior and United States futures followed suit.
As Cointelegraph reported, both equities and gold had looked considerably more appetizing than Bitcoin since the FTX meltdown in November.
“If BTC is finally ready to join the party, I could see it run to 17.3K~ as drawn below,” popular trader Crypto Chase wrote in part of analysis on Jan. 2.
Fellow account Cold Blooded Shiller likewise posted $17,300 as a target of interest for bulls should the S&P 500 in particular play out in their favor.
“Despite a market-wide bounce, BTC is still below the key ~$17300 resistance,” Rekt Capital added about the monthly BTC/USD chart.
Prior to the open, the U.S. dollar began to see volatility, retracing a day of swift upside action which took the U.S. dollar index (DXY) over 104.8 for the first time since mid-December.
“Local move above the weekly from the support I had marked out on USD/EUR,” PA trader Luckshury wrote in an update on the day.
Internal events meanwhile had noticeably little impact on BTC price strength, these taking the form of concerns over potential trouble for Digital Currency Group (DCG).
Related: US will see new ‘inflation spike’ — 5 things to know in Bitcoin this week
Amid ongoing doubts over the fate of the conglomerate's group over companies, including Grayscale, operator of the largest Bitcoin institutional investment vehicle, the Grayscale Bitcoin Trust (GBTC), one
Read more on cointelegraph.com
