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Bitcoin and Ethereum Prices Surge 10%; How High Could They Go?

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The majority of the $1 billion+ buildup over the last 15 days came from transactions ranging from 1 to 1000 Bitcoins.

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The leading cryptocurrencies, like Bitcoin and Ethereum, are up today, January 22, having increased by around 10% over the past week. Bitcoin is currently trading above $23,000, while Ethereum is trading above $1,650.

Bitcoin experienced a substantial rise, and some potential factors for this phenomenon include whale activity, public buying, and cryptocurrency's ability to disrupt financial systems.

The stability of the crypto market has resurfaced after a protracted period of instability, and several people are now optimistic about the coin's future.

According to Santiment, the majority of the $1 billion+ buildup over the last 15 days came from transactions ranging from 1 to 1000 bitcoins.

Furthermore, 83% of the accumulation was made up of coins held by whales, who had 1,000 to 10,000 BTC in their holdings.

Bitcoin Price

Bitcoin is currently valued at $23,178 and has a daily trading volume of $35 billion. The market capitalization of Bitcoin increased by 5% over the past day to $446 billion.

Bitcoin has created a bullish engulfing candle on the daily timeframe, showing that the uptrend may continue. Bitcoin may strive for $24,000 or $24,550 if it surpasses the $22,750 benchmark.

Source- Trading view

The immediate support level for Bitcoin on the downside is $22,500, and a further slide below this point might expose it to $21,550.

Ethereum Price

The price of Ethereum in the last 24 hours was $1,631, with an $8 billion trading volume. On January 21, the ETH/USD pair experienced significant resistance near $1,680 and declined to find support at the $1,610 level.

Source- Trading View

The ETH/USD pair has created an upward channel in the 4-hour timeframe, indicating a potential continuation of the bullish trend in ETH.

On the upside, rising demand can break through Ethereum's resistance at $1,680 and drive the price up to $1,750. On the downside, a bearish breakthrough below $1,600 can push the selling trend further, all the way to $1,560.

 ALSO READ- Bitcoin and Ethereum Prices Rise 8%: How Far Can the Surge Go This Weekend?

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