Bitcoin
Bitcoin (BTC) Ethereum (ETH) Price Analysis: Here’s What May Signal a Run to $10,000
In Bitcoin (BTC), we have seen another sharp and sudden dip over the past 24 hours that was very quickly bought back up by traders pressing a continuation of the recent trending action. The real question now is this: what does this say about the sustainability of the trend now in place over the past three weeks?
As we take a close look today at Bitcoin (BTC) and Ethereum (ETH), we want to analyze this recent dip and how it appears in the context of the past week of action, which includes another similar dip and recovery.
Bitcoin (BTC)
Price Analysis
- High: $8216
- Low: $7640
- Major Resistance Level: $8,500
- Hourly MACD: Continued Accumulation
Chart courtesy of tradingview.com
As we have noted, Bitcoin (BTC) has been out in front of the cryptocurrency complex during this recent bout of strength. There should be little doubt that this is still the leader in the space.
As we watch this recent upward trend evolve and mature, we have seen several sharp shakeouts that have, in each case, offering traders a new opportunity to join the trend on the long side in BTC.
However, in each recent case, the reaction leg has fallen short of testing the all-important 200-day simple moving average that hovers just above at slightly less than $8500.
At this point, it would appear that a decisive break above that level in coming days may well unleash a brand new test of the $10,000 level in Bitcoin (BTC).
Ethereum (ETH)
Price Analysis
- High: $471
- Low: $427
- Major Resistance Level: $500
- Hourly MACD: Mild Oversold Reading
Chart courtesy of tradingview.com
One of the elements that we have been tracking closely in the chart for Ethereum (ETH) is how it responds to tests of a trend line that captures the hourly chart lows put in place during the swings and pivots that have appeared on the chart since late June.
Over the past 24 hours, we may well be seeing that perspective put to the test with a break of that trendline.
This will call into question whether Ethereum (ETH) is able to stay with Bitcoin (BTC) and many of the other stronger coins during this bounce, or if we are instead to see a divergence in the space with a more striking sense of lagging action for Ethereum (ETH) and its associated compadres.
At this point, it’s far too early to say, particularly as this breach of the slope that defines the pivot lows achieved over the past month may well be a shakeout or a head fake to the downside before a more decisive move higher to test key resistance at the $500 level.
Happy Trading~
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Charts courtesy of tradingview.com
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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