The CME Group will launch its Bitcoin options contract on Jan. 13. The analysts at JPMorgan Chase & Co. take spotted a 69% increase in open interest from year-cease in CME'southward existing Bitcoin futures contracts.

They also noted that the number of big open-interest holders has picked up. This shows an increase in institutional interest before the launch of options trading. Yet, as Bitcoin cost action has been mixed during previous launches of such services, it is difficult to predict the movement based on this event lonely.

Halving, however, is an important event and analysts at market enquiry business firm Fundstrat Global Advisors believe that it has not yet been "priced into" Bitcoin's price. Hence, they conceptualize Bitcoin to rally more than 100% this twelvemonth. Increasing geopolitical tensions and the United States Presidential elections later in the year could as well act equally a catalyst for the up move.

Crypto market data weekly view

Crypto market data weekly view. Source: Coin360

The U.S., which had been the leader in overall Bitcoin transaction book since 2022 has been pushed to the third spot in 2022. The acme two positions take been taken past Singapore and Seychelles.

After a long fourth dimension, nearly major cryptocurrencies are likely to be in the positive on a weekly basis. This shows that the buying has been broad-based, which is a positive sign. With the sentiment gradually turning around, can the peak performers of the past seven days build upon their gains? Let's study the charts.

BSV/USD

Bitcoin SV (BSV) surged well-nigh 43% in the past seven days to merits the top spot. The altcoin has been the best performer among major cryptocurrencies for the 2nd consecutive week.

It is speculated that Craig Wright, who claims to be Satoshi Nakamoto, submitted more documents to the court in an ongoing legal battle with the estate of former business organization partner Dave Kleiman, which might have details of a trust that holds his Bitcoins. Some analysts believe that this news was 1 of the reasons for the abrupt rally in Bitcoin SV. Tin can the altcoin rally further or is it time to book profits? Permit'southward analyze the charts.

BSV USD weekly chart

BSV USD weekly chart. Source: Tradingview

The bulls easily scaled the overhead resistance levels at $113.96 and $155.38. This shows that the BSV/USD pair is backed past momentum. After the sharp rally, the bulls might confront stiff resistance at $188.69.

Though it is also early on to call a short-term superlative, the pair might enter a minor correction or consolidation for the side by side few weeks. If the bulls can hold the price above $155.38, it volition signal strength and increment the likelihood of a breakout above $188.69.

If the bulls scale above $188.69, a retest of the lifetime highs at $255.62 is possible. Our bullish view volition be invalidated if the correction drags the cost below $127.102, which is fifty% Fibonacci retracement level of this leg of the up movement.

DASH/USD

Dash (Dash) has institute a place amid the acme crypto performers after a long gap. The altcoin surged about 29% in the by seven days. The recovery in price started on the news that Burger Male monarch Venezuela would start accepting cryptocurrency payments.

Initially, but i store will accept cryptocurrencies but after, twoscore other locations would bring together past the finish of this year. Does the cryptocurrency show signs of having bottomed out? Permit's study the chart.

DASH USD weekly chart

DASH USD weekly chart. Source: Tradingview

The Nuance/USD pair has been a huge underperformer in the past few months. Information technology slipped from a high of $188.5598 in June to a low of $38.2558 in late Dec. After the abrupt down move, the bulls stepped in closer to $40.

The relief rally has carried the cost to the downtrend line. The 20-week EMA is likewise placed close to the downtrend line. Hence, nosotros anticipate the bears to defend this level aggressively. A breakout of the xx-week EMA will signal a possible modify in trend.

Above the downtrend line, the next level to watch out for will exist $77.7262, which might once again human activity equally a stiff resistance. If the price turns downwards from the electric current levels or from $77.7262, the pair might remain range-bound for a few weeks. The pair will choice upwardly momentum on a break above $77.7262.

LINK/USD

Chainlink (LINK) was the 3rd-best performer of the past seven days with a rally of over 24%. Does the electric current rise indicate a alter in trend? Can LINK build on its force over the next few weeks? Let's study its chart.

LINK USD weekly chart

LINK USD weekly nautical chart. Source: Tradingview

The LINK/USD pair has largely been range-leap betwixt $1.fifty and $3 for the past few months. This shows that bulls purchase close to back up of the range and book profits most resistance. The current up move can attain $3 in the next few weeks.

If the bulls succeed in pushing the price to a higher place $three, a rally to the lifetime high is likely. Conversely, if the toll turns down from $iii, a few more weeks of range-bound activeness is possible. The pair will turn negative on a break below the strong back up at $ane.50.

BCH/USD

Bitcoin Cash (BCH) also benefited from the news surrounding Craig Wright. The altcoin rallied about 18% in the past vii days. This is the third consecutive week that Bitcoin Cash has been amidst the top performers. After the contempo rally, is information technology time for a reversal or can the up move extend farther?

BCH USD weekly chart

BCH USD weekly chart. Source: Tradingview

Subsequently half-dozen weeks of range-leap trading between $227.01 to $192.52, the BCH/USD pair broke out and rallied above the overhead resistance at $241.85 and $270.15. This shows a pick up in momentum.

Notwithstanding, the bulls are struggling to sustain the price above $270.15, which suggests a few weeks of consolidation or minor correction.

We anticipate the bulls to provide support at $241.85. If this back up breaks, it will weaken the momentum. On the other mitt, if the price consolidates for a few weeks close to the current levels, it will indicate strength and will increment the possibility of a move to $306.78.

LTC/USD

Litecoin (LTC) rounded upwardly the list of the elevation five performers of the past seven days with a rally of near eighteen%. Litecoin's mining difficulty, which had dropped sharply in the second half of 2022, has begun rising again. This could spark a bull run in the altcoin, according to a few analysts.

In other news, cryptocurrency lending company BlockFi has added support for Litecoin, which is positive. While the fundamentals point to an up motion, do the technicals besides support a rally? Permit's find out.

LTC USD weekly chart

LTC USD weekly chart. Source: Tradingview

The breakdown from the $l to $42.0599 range did not find sellers at lower levels. This shows that ambitious bulls used the autumn to accumulate. The buyers are currently attempting to propel the price above the range.

If successful, the LTC/USD pair can motility up to $66.1486. Though the twenty-week EMA might human action as a resistance, we expect it to be crossed. Both moving averages have flattened out and the RSI is gradually moving towards the center, which shows that the bears are losing their grip.

Our bullish view volition exist invalidated if the bulls fail to sustain the price higher up $50. In such a instance, the pair might remain range-bound between $fifty and $39.252 for a few more than weeks. A break below this range will resume the downtrend.

The views and opinions expressed here are solely those of the author and do not necessarily reverberate the views of Cointelegraph. Every investment and trading move involves risk, you should behave your own research when making a decision.

The market data is provided by the HitBTC substitution.