Summary
- Cryptocurrencies have rallied massively in January 2023, leaving many to ponder if a bull market is back.
- The Relative Strength Index has been overbought since the last bull market, indicating a potential for long positions.
- The close of February and March will give more clarity on whether it is a bear or bull market.
Crypto Bull Run: Is It Back?
The crypto space has seen massive rallies across Bitcoin and altcoins alike in January 2023. This has left investors wondering if bulls are back in control and ready to lead the way forward. The Relative Strength Index (RSI) hit its most overbought levels since the last bull run, which could be a sign that going long may be beneficial. However, traders remain hesitant due to other factors such as inflation, US-China tensions, and declining corporate earnings. February’s close as well as the following month of March will provide more insight into whether this is merely a bear market bounce or the beginning of another uptrend.
Why PrimeXBT For Margin Trading?
For investors hoping to get the most out of the next crypto bull run while also providing flexibility in case of another crypto winter, PrimeXBT margin trading platform is an ideal choice. It allows users to trade with both directions –– buy/sell –– so they can take advantage of major price swings regardless if it’s bearish or bullish. This innovative trading solution provides traders with access to various markets like Forex, commodities, indices, and cryptocurrencies all within one user-friendly platform.