Bitcoin teases weekly highs as traders eye BTC price leg up to $17.3K

Bitcoin (BTC) inched person to $17,000 connected Jan. 3 arsenic the archetypal Wall Street unfastened of the twelvemonth loomed.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

Consensus builds for caller onslaught connected $17,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching highs of $16,766 connected Bitstamp — its champion show since Dec. 27.

Analysts and traders were keenly awaiting the commencement of Wall Street trading aft European stocks posted gains the time anterior and United States futures followed suit.

As Cointelegraph reported, some equities and golden had looked considerably much appetizing than Bitcoin since the FTX meltdown successful November.

“If BTC is yet acceptable to articulation the party, I could spot it tally to 17.3K~ arsenic drawn below,” fashionable trader Crypto Chase wrote successful portion of investigation connected Jan. 2.

Fellow relationship Cold Blooded Shiller likewise posted $17,300 arsenic a people of involvement for bulls should the S&P 500 successful peculiar play retired successful their favor.

“Despite a market-wide bounce, BTC is inactive beneath the cardinal ~$17300 resistance,” Rekt Capital added astir the monthly BTC/USD chart.

BTC/USD annotated chart. Source: Rekt Capital/ Twitter

Prior to the open, the U.S. dollar began to spot volatility, retracing a time of swift upside enactment which took the U.S. dollar scale (DXY) implicit 104.8 for the archetypal clip since mid-December.

“Local determination supra the play from the enactment I had marked retired connected USD/EUR,” PA trader Luckshury wrote successful an update connected the day.

“If It tin clasp supra the play I would expect further upside connected DXY and frankincense a determination down connected ES/Crypto. This again is based connected if it tin clasp that play level into support.”

U.S. dollar scale (DXY) 1-hour candle chart. Source: TradingView

BTC avoids rising DCG tensions

Internal events meantime had noticeably small interaction connected BTC terms strength, these taking the signifier of concerns implicit potential trouble for Digital Currency Group (DCG).

Related: US volition spot caller ‘inflation spike’ — 5 things to cognize successful Bitcoin this week

Amid ongoing doubts implicit the destiny of the conglomerate's radical implicit companies, including Grayscale, relation of the largest Bitcoin organization concern vehicle, the Grayscale Bitcoin Trust (GBTC), 1 lawsuit successful peculiar publically took DCG to task.

In an open letter to DCG CEO, Bary Silbert, Carmeron Winklevoss, co-founder of Exchange Gemini, demanded answers.

Gemini funds locked up since the FTX debacle began full astir $1 billion, Winklevoss stated, repeating the request for DCG to conscionable a Jan. 8 deadline to "solve this problem."

Silbert, formerly vocal connected societal media, had yet to respond to the missive astatine the clip of writing.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.