Bitcoin
Bitcoin (BTC) Ethereum (ETH) Price Analysis – Is This a Giftwrapped Pullback?
In the context of the recent rally across the cryptocurrency complex, we have seen sustained inflows and strength for a number of large market cap coins, chief among them clearly being Bitcoin.
However, yesterday evening, we saw news related to regulators once again stepping up to deny the existence of a Bitcoin ETF. As technicians, whenever we see robust trending action, and that action is interrupted by a new headline-driven input, we often salivate about the potential opportunity.
You see, headlines never change trends.
Today, we’re going to take a close look at the charts for Bitcoin (BTC) and Ethereum (ETH) with that in mind.
Bitcoin (BTC)
Price Analysis:
- High: $7932.00
- Low: $7852.10
- Major Resistance Level: $8633
- Hourly MACD: Sudden Pullback in Play
Chart courtesy of tradingview.com
As noted above, Bitcoin (BTC) has been in fine form of late, ramping higher by over 30% – and over $40 billion in market cap – in just over the last couple weeks.
Key resistance at the coin’s 200-day simple moving average certainly represents a key stumbling block, but that’s not our focus here today.
Instead, we’re taking a look at the fact that the market is pulling back sharply in reaction to headlines that one may see as somewhat predictable given the bearing of the SEC thus far on the concept of the Bitcoin ETF.
When you see a technically strong market reacting against that new trend in response to headlines that come likely as something other than a true surprise, you have to ask yourself just exactly why the universe is acting so generous.
All we have to say is: get ready to back up the truck.
Ethereum (ETH)
Price Analysis:
- High: $465.08
- Low: $461.47
- Major Resistance Level: $500
- Hourly MACD: Emerging Upward Momentum
Chart courtesy of tradingview.com
As we have noted in our coverage, Ethereum (ETH) has clearly lagged Bitcoin (BTC) in terms of its performance during the recent run higher in the cryptocurrency complex.
This is an issue not so much just for gauging the potential upside for Ethereum (ETH), but for gauging when the real bullish spirit has returned to the space.
In many ways, Ethereum (ETH) represents the future as far as a disruptive vehicle far more than Bitcoin (BTC), and therefore we would far rather see Ethereum (ETH) leading a rally like this.
In any case, the rally that we have seen in Ethereum (ETH) is nothing to sneeze at. The coin has made a steady flow of higher lows and has come into contact with key resistance.
A break above the $500 level would go a long ways toward convincing us that it was ready to play some serious catch up on the chart.
Not only would that move us back above the 50-day SMA, but it would also likely turn that average into an upward sloped measure as the coin got into gear above long-standing resistance. It is precisely this type of shift that can rejuvenate a bullish tone in a market like this.
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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