Why did the bearish trend in the crypto market in the second week of January change into an increase in the exchange rate of bitcoin and some other altcoins? And how long will it last? Bitcoin Those who expected BTC and other coins to rise during the so-called New Year's Eve rally were obviously wrong by a couple of weeks.. Until the new year 2023, the first cryptocurrency did not show any distinct dynamics. However, with the onset of January, investor sentiment has changed dramatically.. In less than two first weeks of January, Bitcoin rose by 13.8%, from $16,528 to $18,816. At the same time, most of the growth occurred in the second seven-day period. Since January 7, BTC has gained over 11%. Source: tradingview.com What contributed to such a sharp change in mood? It is difficult to say unambiguously and specifically why bitcoin is growing.. However, there are several factors that together have a positive impact on the dynamics of the value of BTC. Firstly, this is a decrease in inflation in the United States. December became the sixth month in a row when price growth showed smaller indicators. It's still far from the Fed's 2% target. Nevertheless, the positive dynamics allows us to hope that in the future there will be no growth in rates, which had a detrimental effect on the crypto market throughout 2022. Secondly, a positive news background was also formed around the situation with the FTX crypto exchange.. More precisely, nothing has changed with the exchange itself – it is still bankrupt. But lawyers found $ 5 billion of company assets to pay compensation to clients. It cannot be said that FTX and Bitcoin are directly interconnected, but an indirect influence is possible. Thirdly, this is the overall picture in terms of technical analysis.. Bitcoin is gradually returning to early November levels, when the FTX bankruptcy caused a massive sell-off that turned into a drop of more than 27%. After that, the first attempt by bull investors to move into an upward movement was the growth of the first two weeks of December.. However, having reached the price of $18,373, BTC turned down.. At the same time, the mark of $18,373 became a resistance level. This was followed by a decline of 12.8% and formed the level of $16,293, which we mentioned earlier.. Having tested it twice on December 19 and 30, the bears failed, and bitcoin still moved to growth. At the moment, the price has already overcome the previous resistance of $18,373, which may mean continued growth.. The immediate target and new resistance will be the price of $21,473, the one from which the November drop began.. Well, the immediate support, respectively, will be the former resistance in the $18,373 area. Source: tradingview.com The Fear and Greed Index still shows fear, being at around 31. Nevertheless, there is now a positive trend and an increase in the values. Recall that at the end of 2022, the index was less than 30. Ethereum Ethereum, like bitcoin at the beginning of 2023, shows growth. And the dynamics seem even more impressive. ETH is up over 18% since January 1st. At the same time, the main part of the rise (almost 12%) fell on the second week. Source: tradingview.com In general, the same factors affect the dynamics of Ethereum as BTC: lower inflation and positive news in the case with FTX. In addition, there are positive expectations of investors who were counting on the growth of the Buterin project in the first quarter of 2023.. Such a conclusion can be drawn based on which options and at what price are open with an expiration date of March 31. For the most part, these are call options with an exercise price of $3,500-4,000.. Thus, investors believe that even now the coin has risen by 20%, this is far from the limit.. Further growth by 150-185% is possible. In terms of technical analysis, Ethereum broke through the important $1,352.2 mark, the high of December 14, 2022 and a strong resistance level.. This mark will now become a support level. The next target where the coin can rush will be the November high of $1,676.8, the mark from which the fall began after the news of the collapse of FTX appeared. Source: tradingview.com Avalanche The Avalanche cryptocurrency price dynamics in the first days of 2023 turned out to be even more impressive than that of bitcoin and ether: by a phenomenal 45.98% in two weeks. The main growth came on January 11, when Ava Labs announced its collaboration with Amazon. On that day, the increase was more than 25%. Source: tradingview.com Analysts reacted differently to the news. So CoinCodex believes that growth is purely speculative. According to their experts, by January 18, the coin will fall by more than 13%, below $14. WalletInvestor does not believe in Avalanche at all, believing that the price will soon fall to the $1 region and remain so until the end of the year. But the analysts of the DigitalCoinPrice portal are quite optimistic in their forecasts for the AVAX token. Only believe that growth will take time. Analysts expect a serious increase in 2024-2025. So, in 2024, it is expected to overcome the mark of $30, and in 2025 – the mark of $45. In general, thinking for a long time with such a volatile asset as Avalanche is a thankless task.. So far, the picture looks rather favorable for bulls.. This thesis will be further supported if the coin overcomes the resistance level of $16.7. If AVAX falls below the $14.3 resistance level, which used to be a resistance level, then we should expect a downward movement. Source: tradingview.com Solana Like the coins above, Solana showed growth in the early days of 2023. Only the figures are even more impressive. The price of the Sol token rose by over 66%, from $9.97 on December 31st to $16.62 on January 13th. Source: tradingview.com Is this the start of a new upswing for Solana after a very poor 2022, when the price dropped over 90%? It’s too early to talk about this yet, but it’s easy to assume that 2023 will be better than the previous one – because there’s simply nowhere to be worse.. What is causing the rapid growth? One of the reasons is Solana's painful reaction to the FTX bankruptcy.. It's no secret that FTX and Alameda had fairly large savings in Solana. Naturally the price has dropped.. Now the panic is gradually coming to an end, and the coin went up. Also, an important source of positive was the launch of the Bonk memcoin in the Solana ecosystem.. This helped to generate attention for the platform on various social networks, in particular on Twitter. In addition, there are objective factors that say that Solana is not so bad.. Firstly, in the NFT market, Solana developers are now in second place among all developers.. Secondly, in the Solana team, one of the few, a lot of attention is paid to hardware. In particular, a smartphone for cryptocurrencies (Saga) with its own operating system is currently being developed.. If the undertaking is successful, it will become a clear competitive advantage for Solana. In general, the situation, as for other cryptocurrencies, in Solana looks positive. True, from January 9 to January 13, there were no special movements. Further growth should be expected if it succeeds above the resistance level of $17.56. The nearest support level is around $15, which acted as resistance throughout November-December. Source: tradingview.com Conclusion The beginning of 2023 in the market has a pronounced bullish trend. Almost all known cryptocurrencies have added more than 10% in value. Investors' risk appetite is gradually recovering, but the value of the index of fear and greed is still low, which does not speak in favor of a protracted growth. Unless, of course, the situation changes. This material and the information in it does not constitute individual or other investment advice.. The opinion of the editors may not coincide with the opinions of the author, analytical portals and experts.