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Weekly Crypto Market Brief

🎯 Bitcoin surges by 24% over the past week.

Bitcoin exhibited an emphatic rise over the past week, soaring from $17.3k on January 10, 2023 to $21.4k on January 16, 2023, representing a 24% gain. It broke past several resistance levels, including $17.8k, $18.5k, $19k, and the 200 MA on the daily chart for the first time since December 2021. This is a major milestone for Bitcoin, and investors will be watching to see if it continues to reach new local highs. This price surge came at a time when renowned investment bank Blackrock added exposure to Bitcoin in its investment fund, which in itself is a significant fundamental development in the market.

🎯 Solana (SOL) experienced a considerable rise in recent weeks. It rose from $10 per token on New Year’s Day to reach the $25 price level over the past few days. In doing so, it flipped the 200 MA resistance into support on the 4h chart. Its bullish momentum also resulted in the famed altcoin breaking past significant resistance zones represented by the $14-15 and $17-18 price channels. Solana has yet to reach the 200 daily MA or even the pre-November 2022 levels as of this point, which is one reason why investors and traders will be paying close attention to its price action over the coming days and weeks.

🎯 Chainlink experiences a 25% rise in price 

Chainlink (LINK) underwent a considerable rise in the recent period. After registering a higher low on the daily chart on January 6, 2023, the token printed eight consecutive green candles as it surged to a local high of $7.1, bouncing off the 200 daily MA resistance level after what was a significant 25% price rise. The bulls will be aiming to retest the 200 daily MA moving forward, and at the very least will be looking to establish a higher low in the short term.

🎯 Avalanche rises by 46% in the past week 

Avalanche (AVAX) had been accumulating for a significant period, culminating in the formation of a recent bullish inverted head-and-shoulders pattern, a process which began to develop in mid-December 2022. The token then shot up from $12.68 to the $16 price level in a single day, before reaching a local top of $18.5 and settling in the $16-17.5 range, just below the 200 daily MA. It will be interesting to see whether bulls will be able to add enough buying pressure in the upcoming period to drive the price over the 200 daily MA, in what would be an important milestone for Avalanche.

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