Wednesday 1 February 2023
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Tag Archives: bitcoin analysis

Bitcoin’s Biden Spike Gone, Price Reverses Following 8% Gain

Bitcoin (BTC) has retraced significantly today, a day after recording an 8% gain in response to President Biden’s executive order. Bitcoin, like the rest of the crypto market, is under pressure, falling more than 5% and falling below $40,000 levels. Bitcoin is currently trading at $39,324 with a market worth of $745 billion as of press time. Bitcoin Slumps After Gain Bitcoin reversed direction, while the euro’s two-day rally came to a halt, as investors awaited the European Central Bank’s (ECB) response to the gathering storm of high inflation and poor growth. According to TradingView data, the top fell to $39,000 during Asia hours, nearly reversing Wednesday’s 8 percent rise caused by US President Joe Biden’s crypto executive order. Laurent Kssis, a crypto exchange-traded fund expert and director of CEC Capital, said: “Market dropped again around 1:30 UTC during the Asian trading on long liquidations washouts which are still dominating the leverage markets. Any potential of a pullback seems futile due to the selling pressures these liquidations create.” Despite the fact that the crypto executive order boosted the crypto market, concerns about growing inflation remain. The entire focus will be on the approaching U.S. inflation, which is expected to rise due to the current geopolitical situation. Historically, the Federal Reserve (Fed) has had the most influence on cryptocurrency markets, whereas ECB rate decisions have had little to no impact. According to one observer, Thursday’s announcement is critical. Related article | Bitcoin Aims For $48K? BTC Reacts Upward To U.S. Inflation Report Griffin Ardern, a volatility trader from crypto-asset management company Blofin noted: “At present, we already know that the Fed will raise interest rates, so no matter how the U.S. market changes, this thing will happen. The most considerable influence at the moment may be the hawkishness of the European Central Bank this week.” The ECB is expected to publish its monetary policy decision on Thursday, March 10 at 12:45 GMT. Christine Lagarde, President of the European Central Bank, will hold a press conference at 13:30 UTC, 45 minutes following the ECB’s policy announcement. “Any unexpected move by the ECB could trigger a fall in the market,” Ardern added. BTC/USD trades at $39k. Source: TradingView Consumer prices in the United States rose 7.9% last month, the largest increase in more than three decades. This growing inflation data has put a significant amount of pressure on risky assets such as Bitcoin and stocks. As a result, Bitcoin has experienced significant volatility in recent months. Bitcoin has risen above $40,000 twice in the last month, but it has not been able to maintain this level for long. The volatility is likely to persist, knowing that the Federal Reserve of the United States can raise interest rates faster than predicted in the face of surging inflation figures. Related Reading | Battle Of The Hedges: How Gold And Bitcoin Have P..

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Bitcoin Touches Above $40K For Third Time In 2022, Where Does It Go From Here?

Bitcoin has had an eventful 2022 so far and it is only two months into the year. While mostly recording downtrends in these past two months, there have been some notable recoveries that have put it above $40K. For the two previous times, the digital asset had been unable to hold above this level. Will the third time be the charm or is a reversal expected soon? Bitcoin Trading Between $40K-$44K On Monday, bitcoin had pulled one of its strongest reverse cards and had broken straight through $40,000. The digital asset did not stop there though, continuing the run until it had finally peaked at $44K. This marked the third time that the cryptocurrency had broken above this point for the year, but these three recoveries, while similar in their peak points, have been through different circumstances. Related Reading | Short Traders Decimated As Bitcoin Barrels Past $43,000 Each time, the digital asset has met significant resistance at $44,000, making it the level to beat for each rally. Even though bitcoin had managed to break above this point both times, it had never really held through. And this was the case with the Monday rally. After touching above $44K, the digital asset had recorded a small downward reversal that put it back in the $43,000 range. BTC falls below $44K | Source: BTCUSD on TradingView.com Nevertheless, bitcoin has put up a good fight the third time around and has once again broken above $44K. It still remains weak at this point though, meaning that it is still very well in the territory where bears can easily pull it back down. What Happens From Here? Well, there are various possibilities for the price of bitcoin. Even with the recent rally, momentum continues to be low as crypto investors have slowed down their activities. Depending on where the digital asset closes today, it could either be the continuation of the rally or another reversal down below $40K. Related Reading | Bitcoin’s Price Up $10K As Crypto Is Predicted To Breach $100K In 5 Years If BTC is able to hold above $44K, say support at the 50-day moving average does not wane or waver, then the very next rally will see bitcoin touching as high as $47K. There are still resistance points on the way to this price level but none are as strong as the $44K resistance point, making it an easy break for the digital asset. BTC movement unclear from $44K | Source: Arcane Research On the flip side, this rally could very well turn sour as quickly as it started. If bitcoin ends up losing support at both $44K and the 50-day moving average, then the decline could send it towards $40,000. The only difference this time around is that the $40K resistance point has been flipped and will most likely act as a support level. Although not as strong as previously found in the $36K-$38K point. BTC is trading above $44,100 at the time of this writing. It’s all green candlesticks at this point as investor sentiment shifts to the positive. Featured image from Financial Synergies Wealth Advi..

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Bears Tighten Hold On Market, Why Bitcoin Must Close The Week Above $36,000

Bitcoin is currently down on the charts and has broken below $35,000 as at the time of this writing. As the crisis between Ukraine and Russia rages on, with reports of the latter already invading the former, the markets have taken a beating down even before the financial markets open for trading for the day. This is a significant point for the digital asset, and without recovery, bitcoin may very well solidify its position in the bear market. Bitcoin Needs To Hold Above $36,000 Crypto analyst Justin Bennett recently released his weekly newsletter where he maps out the movement of the pioneer Digital asset. For Bennett, $36,000 is an important point that the bulls need to hold above. However, the digital asset has since broken below this point, so what happens if the bulls are unable to get the value back up above this level? Related Reading | Bitcoin Investors Haven’t Responded To Russia-Ukraine War With Large Inflows (Yet) Bitcoin is now far from being constructive, especially with the numerous dips that have rocked the asset. It had fought hard at $39,000 but had eventually succumbed to tremendous sell pressure that dragged it below support. Next was the $36,000 support area. But the digital asset has since broken below this since news of the Russian invasion broke. Next was $35,000, below which is the 4-month range low at $30,000, says Bennett. BTC starts another recovery trend | Source: BTCUSD on TradingView.com Holding above $36,000 is crucial for bulls this week, leading the asset one step closer to $39,000, which would open up the $42,000-$46,000 range. But this seems unlikely. “As I’ve mentioned a few times this week, Bitcoin needs to get back above $39,600 on a daily closing basis to turn constructive again,” said Bennett. “So far, buyers haven’t been able to do that.” Looking At Ethereum Bitcoin has not been the only one taking a hit this week. Ethereum and other altcoins have in fact borne the brunt of it, with double-digit descents recorded daily. Ethereum which has since lost its footing above $3,000 continues to decline on the charts and has now made its way towards $2,300. Bennett noted in his analysis that a daily close below $2,570 would see the digital asset crashing towards $2,300, which was the case on Wednesday, and the early hours of Thursday have seen ETH decline towards this point. Related Reading | Data Says Bitcoin Holds Up To Macro Turmoil Better Than Altcoins Alternatively, if the digital asset had been able to close above $2,900 yesterday, this would have opened it up to $3,100. The crypto analyst explains that without this high daily close, the cryptocurrency continues to stand on shaky ground. Ethereum is currently trading below its 50-day simple moving average. This poses a significant threat to the value as sellers have now successfully taken over the market. As the sell-offs continue, the digital asset may very well touch the $2,000 level by the close of the weekend. Featured image from FX Empire, cha..

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Chamath Palihapitiya

Famous billionaire: It’s time for Bitcoin to shine

In an interview with Anthony Pompliano, the founder of Morgan Creek, the famous billionaire Chamath Palihapitiya, said that now can be the time for Bitcoin to shine. According to CoinTelegraph, Palihapitiya said: I think Bitcoin needed such moments. Bitcoin is still a hoarding tool, and it is still very volatile to rely …

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Bitcoin-Bull-vs-Bear

Is Bitcoin Bear Market Done

Is bitcoin Bear Market Done? Some financial and economic publications around the world have described the recent collapse of US stock markets as “the shortest downturn in history” and point out that the effects of the Coronavirus outbreak are on the decline. But has the record really been removed from the …

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dedicated technical analysis

Bitcoin 27-March Special Pricing Analysis

White House and US Senate leaders have finally agreed to inject $ 2 trillion of capital into the economy in support of the economy and Americans suffering from the COVID-19 epidemic. In a situation where stock markets have made positive changes, the CEO of Binance, Chang Zeng Zhao, has predicted a …

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