Microsoft Was Recently Identified As One Of WEF's Collaborators

Bitcoin Is Trading In A Extremely Overbought Conditions

After the rapid rally that occurred between January 18 and January 20, bitcoin and ether are still in the same position. Only this will enable bitcoin to keep expanding while investors and traders wait to see what direction the Federal Reserve System will take the following week. Microsoft CEO Satya Nadella gave his thoughts on the metaverse and how this technology would affect the future.

Exchange Rates 24.01.2023 analysis

According to Nadella, the sense of presence gained through interactions with metaverse technology is "forever changing the rules of the game" in business. In addition, he expressed his support for the metaverse, pointing out how much more socially interactive it is than previous technologies. According to Nadella, the most significant aspect of this technology is the sensation of presence that develops even when you interact electronically.

In Nadella's opinion, COVID-19 altered the environment for meetings, compelling more individuals to use video conferences. So it makes perfect sense that newer technologies will be used. The metaverse and other emerging technologies have the potential to significantly alter contemporary civilization.

Microsoft was recently identified as one of WEF's collaborators in the creation of the Global Collaboration Village, an online version of Davos. This digital environment serves the organization's goal of enabling the participation of world leaders in ongoing discussions of politics and global issues.

Microsoft is also making active investments in metaverse-related firms to collaborate with them on some of its technological solutions for enhancing virtual worlds. The business disclosed in October that it was modifying its cloud infrastructure for use in applications for the metaverse.

As we can see, investing in the metaverse's future and the businesses working to achieve it is a very interesting idea. Investors pay particular attention to the support and development of these initiatives because of the involvement of numerous companies in the cryptosphere. The tokens and altcoins of these companies will undoubtedly immediately skyrocket in price and gain weight once the crypto-winter is over.

Exchange Rates 24.01.2023 analysis

Regarding the technical picture of bitcoin today, the level of $23,180 is already the closest goal for the bulls. If you fixate on it, you'll create a new bullish trend with the potential to update $23,680. The $24,420 region will be the farthest objective, where significant profit-taking and a rollback of bitcoin may take place. In the case of renewed pressure on the trading instrument, protecting the $22,520 level will be of utmost importance because a breach by sellers would be detrimental to the asset. This will put pressure on bitcoin and create a direct path to $21,840. The world's first cryptocurrency will "drop" in the neighborhood of $21,320 if this level is broken.

The breakdown of the nearest resistance at $1,693 is what ether buyers are concentrating on. This is going to be sufficient to establish a foothold at the current highs and keep the bullish trend going. The market will undergo considerable adjustments as a result of this. The balance will be returned to the ether upon consolidation above $1,693, with the possibility of increasing up to a maximum of $1,758. A second target will be in the $1,819 range. The $1,504 level, which was just formed, will come into play when the pressure on the trading instrument resumes and the $1,600 support collapses. If it succeeds, the trading instrument will rise to a minimum of $1,410. It will be difficult for bitcoin owners to trade below $1,320 (just $1,320).

 

 

Relevance up to 13:00 2023-01-25 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Read more: https://www.instaforex.eu/forex_analysis/333125

Bitcoin Is Trading In A Extremely Overbought Conditions

Jakub Novak

Analytical expert of InstaForex

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