Kategorie: Bitcoin News

Bitcoin news about the Bitcoin (BTC) blockchain and its crypto ecosystem.

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Bitcoin eases off resistance above $45,000: Here’s what top analysts are looking at for BTC price

  • Bitcoin dipped alongside stocks after US inflation came in hotter than expected at 7.5% year over year

  • After dipping below $44k, BTC price recovered to within $45k as analysts outlined potential movements for the flagship cryptocurrency.

The price of Bitcoin broke above a key barrier and traded as high as $45,201 overnight Wednesday, before retreating as the broader market fell during early trades after US markets opened.

Analysts’ take on Bitcoin’s outlook

The drawdown seen earlier took shape as investors digested fresh US inflation data that came in at 7.5% against an expected 7.3% year-over-year. Risk-on assets such as crypto and equities reacted lower, with all eyes now on the Federal Reserve’s rate hike slated for March.

The S&P 500 was down 0.23% and the Nasdaq composite -0.18%, while the Dow Jones Industrial Average stayed just above the flatline.

Crypto trader and analyst Michael van de Poppe observed:

“The Consumer Price Index (CPI) results for the U.S.A. are coming in at 7.5% year-over-year, the expectations were 7.3% year-over-year.$DXY is shooting up and risk-on assets are dropping down like Bitcoin & equities.Likelihood that the FED will start rate hikes in March.”

Crypto trader Cantering Clark says Bitcoin’s dip from intraday highs has brought it back into range. He suggests the cryptocurrency will resume its recent upside momentum if the slip in stocks has also seen a low. For him, the key is for BTC to hold above $43k.

Another analyst, Rekt Capital, says the recent rally may not be over based on the Fear & Greed investor sentiment metric. He notes that at the moment, sentiment towards Bitcoin “is neutral.”

“Extreme Greed precedes local tops. So just based on sentiment alone, this BTC rally may not be close to being over just yet. Key levels such as $43100 & the 50-week EMA flipping into support would confirm this,” he tweeted.

Looking at the BTC/USD weekly chart, the 50-week exponential moving average (EMA) is currently at $44,200.

BTC/USD weekly chart. Source: TradingView

If Bitcoin recovers from today’s slump and breaks above the highlighted EMA and $45k level, analyst Ali Martinez says the main barrier will be around $48,000. Above that, the psychological $50,000 would come into play.

Bitcoin’s inflation hedge status

Bitcoin’s plunge on Thursday alongside stocks saw it continue the high correlation it’s shown with the traditional finance markets since its peak at $69,000 in November 2021. Some analysts say this means BTC is not a better hedge against inflation or as a store of value.

On Tuesday, Bank of America pointed out that Bitcoin was no longer a “good” inflation hedge given its volatility and lockstep trading with the S&P 500 and Nasdaq.

But Gemini co-founder Cameron Winklevoss believes Bitcoin is still the best hedge against inflation, adding to various such calls from within the crypto community and even mainstream investors.

At the time of writing, the BTC/USD pair was hovering around $44,900, about 2% up in the past 24 hours. The cryptocurrency remains positive over the week too, with roughly 22% in gains.

The post Bitcoin eases off resistance above $45,000: Here’s what top analysts are looking at for BTC price appeared first on Coin Journal.

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Bitcoin price: Analyst highlights next steps for BTC if this level turns into support

  • Crypto trader and analyst Rekt Capital says the 200-day EMA is a key level for bulls, currently around $47,000.

  • Data from CoinGecko shows Bitcoin reached a high of $45,300 on Tuesday before retreating sharply to the $43,400 area.

Bitcoin (BTC) has retreated from its intraday highs of $45,300 reached on Tuesday and is currently hugging the area at around $43,450. The bounce low has seen the momentum seen since the weekend look to slow down.

However, with sentiment bullish about the flagship cryptocurrency’s short-term price movement, crypto analyst Rekt Capital says another melt-up is likely.

He says the BTC/USD pair is eyeing a key level, which if reached and turned into support, would suggest the outlook from long-term investors has shifted positive. The optimism could be a catalyst for further buying, likely aiding bulls push for the elusive breakout to the psychologically important level at $50,000.

Here’s what the pseudonymous analyst noted as BTC price flirted with resistance around $45,300:

“BTC is slowly approaching the 200-day EMA (black) Flip the EMA into support and this will be an indication that long-term investor sentiment is shifting back to being bullish on Bitcoin.”

He shared the chart below, which shows Bitcoin’s recovery after last month’s rout and the potential for a breakout to $47,000.

Chart showing BTC rebound towards the 200 EMA. Source: Rekt Capital on Twitter.

This level represents the 200-day exponential moving average, which Rekt Capital highlights as one of the key indicators of long-term investor sentiment towards Bitcoin.

 “The black 200 EMA is a long-term gauge of investor sentiment towards BTC. The 200 EMA currently represents a price point of ~$47000,” he said.

While the analyst is optimistic on BTC/USD, he points to the chart and the 200 EMA versus current price levels to note that bulls might have to struggle a bit before flipping the line into support.

If Bitcoin price turns $43k into support and breaks above the supply zone above $45k, then it’s likely to continue higher with the highlighted range ($43,100-$51,900). 

Crypto analyst Scott Melker holds a similar view and says that the benchmark crypto has “tapped” the zone. He is positive about BTC/USD price above this level.

Bitcoin has also painted a similar recovery as that seen during the last correction (May-July 2021), by breaking higher from the lower Bollinger Band on the weekly log. The last time it happened, BTC rallied to its all-time high of $69k.

Bitcoin price is up more than 12% this past week.

The post Bitcoin price: Analyst highlights next steps for BTC if this level turns into support appeared first on Coin Journal.

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Rekt Capital: Bitcoin’s dip below mid-range support highlights $43-$48K as a key barrier

The analyst says February could see a green candle if $37,000 holds as key monthly support, which could potentially open the path to $50,000.

Bitcoin price has failed to break above $39,000 this week, having bounced near the level multiple times since the upside from lows of $33,000 last week.

BTC is currently 2% down and looking to retest the $38k support level, which if it fails to hold, could see the flagship cryptocurrency dip further.

Pseudonymous crypto trader and analyst Rekt Capital says the declines keep Bitcoin in a consolidation phase, with support and resistance at two exponential moving averages (EMAs) on the weekly chart.

According to him, Bitcoin price has dipped below the two EMAs which macro-wise, represent the mid-range area.

“Since BTC lost its Mid-Range area as support… [It] has revisited the Macro Range Low area (green).Macro-wise however, BTC is still just consolidating between $28000-$68000 (green-red),” he noted in a tweet shared on Wednesday.

Chart showing BTC price below the two EMAs. Source: Rekt Capital on Twitter.

The analyst says Bitcoin is thus set to trade within the lower half of its range low-range highs of $28K-$68K. The benchmark crypto will stay within this “macro range for the next weeks,” Rekt added.

He highlights the $43-$48K range as a critical barrier below which BTC price is likely to hover until bulls reclaim the two EMAs. If this scenario plays out, he believes fresh momentum will see Bitcoin break back into the upper half the $28k-$68k.

BTC set for a “green February”

Looking at monthly support, the analyst notes Bitcoin has had three successive negative closes so far. It includes January that saw BTC/USD slip over 20%.

According to Rekt, Bitcoin is likely to see a reversal in February. His outlook is that the monthly candle shows a retest and bounce off a key level at $37,000.

“The last time BTC successfully turned this level into support was in August 2021 [and] that retest preceded a move to $50,000,” he added.

The last time Bitcoin rebounded off lows of $30k was in July 2021, with an uptick to highs above $52k followed by a retest of $40k and another bounce all the way to its all-time high in November.

The post Rekt Capital: Bitcoin’s dip below mid-range support highlights $43-$48K as a key barrier appeared first on Coin Journal.

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What asset is worth buying, Bitcoin or Ethereum?

Choosing between two assets can be a little confusing and even becomes riskier if one lacks a decent understanding of how the individual asset operates. However, in terms of buying and selling digital assets, the market is often examined with two parameters known as fundamental and technical analysis.

 In most cases, fundamental analysis is related to economic updates while technical analysis is based on the understanding of market price action.

And In terms of selecting which crypto assets to buy. In this article, you’ll discover what digital currency is worth investing your money in.

Bitcoin (BTC)

Recent research done on the 26th of January 2022 by 33 fintech specialists of the Finders panel, forecast the price of BTC to reach $94K before the end of the year. Additionally, the panel also has a long-term outlook for Bitcoin as they foresee the price of the asset reaching $192,800 in 2025 and $406,400 by the end of 2030.

While this may present an optimistic viewpoint to the Bitcoin market, on the other several market participants believe that the upcoming interest rate hike will affect the cryptocurrency market negatively. Conversely, other investors perceived this moment as the best time to buy the Bitcoin asset.

Ethereum (ETH)

From the NFT marketplace to the recent value of Ethereum in the cryptocurrency market. It should be noted that the ETH token has been losing ground to its counterparts in the NFT space.

Due to high transaction fees on the Ethereum network, other younger blockchains such as Solana (SOL), and Tezos are attracting NFT developers with less transaction fees when compared to the Ethereum gas fees.

With relation to congestion and high gas fee noted from the Ethereum blockchain. A lot of NFT enthusiasts are backing out from using the token for transaction purposes in the NFT marketplace.

The post What asset is worth buying, Bitcoin or Ethereum? appeared first on Coin Journal.

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Demand-supply dynamics will send Bitcoin and Ethereum prices higher: Bloomberg analyst

  • Mike McGlone says Bitcoin and Ethereum prices could rally higher given their respective supply-demand dynamics.

  • Bitcoin price has bounced from weekly lows of $33K to trade around $38,700, while Ethereum looks to strengthen above $2,600 after bouncing off lows of $2,200.

  • Crypto has traded in lockstep with stocks amid headwinds associated with US Federal Reserve’s monetary tightening.

Bloomberg commodity strategist Mike McGlone believes the prices of Bitcoin (BTC) and Ethereum (ETH), the top two cryptocurrencies by market cap today, are yet to peak.

According to the analyst, the two cryptocurrencies are still in “early adoption days.” 

His suggestion? The potential for future price gains remains high as networks see more growth.  

He points to the increasing demand for the digital assets versus their respective declining supply and believes these could be key metrics in projections of further price implications.

Bitcoin has a fixed supply of 21 million while Ethereum’s recent upgrades have seen millions of dollars worth of ETH burned as the network looks to a supply cut.

“By the rules of economics, a market with rising demand and declining supply will go up over time, suggesting that Bitcoin may be forming a bottom again around $30,000 as $60,000 resistance ages,” McGlone said in an earlier comment.

As for Ethereum, he says bullish fundamentals remain intact even as price continued to fluctuate in the $2,000-$4,000 range. The price range, he notes, has bulls buying the dip while sellers try to defend the $4K barrier.

McGlone, however, says that “something unlikely [that] reverses the proliferation of the nascent [crypto] technology” would be bad for crypto markets.

Bitcoin’s lockstep trading with stocks

The analyst’s projections come at a time when crypto markets have traded more in lockstep with traditional financial markets.

Since the start of the year, Bitcoin price has fallen and bounced in tandem with returns on Wall Street, with sentiment seemingly hinged on the US Federal Reserve’s hawkish tilt amid rising inflation.

Bitcoin price has bounced from this week’s low of $33,000 to highs of $38,780 on 30 January, its weekly gains currently at 8%. Ether (ETH) has also rebounded from seven-day lows of $2,200 to trade around $2,600.

The weekend uptick comes after similar recoveries on Wall Street on Friday. The Nasdaq closed 3% higher and the S&P 500 edged +2.4% to claw back some of the weekly losses.

The post Demand-supply dynamics will send Bitcoin and Ethereum prices higher: Bloomberg analyst appeared first on Coin Journal.