Bitcoin
Bitcoin (BTC) Ethereum (ETH) Price Analysis – Is This Do-or-Die Time?
From a technical perspective, several of the most highly liquid and highly traded cryptocurrencies have begun to hint at some interesting new potential on their charts over recent days.
This type of action is not definitive at this stage – there’s very little confirmation. However, the game here is a probabilistic one that involves close scrutiny of past and present chart patterns mixed with the identification of an advantageous risk:reward statistical edge.
From that standpoint, both Bitcoin (BTC) and Ethereum (ETH) are clearly worth a closer look at the present as both coins are starting to show off some very interesting bullish potential provided key levels continue to hold firm.
Bitcoin (BTC)
Price Analysis:
- High: $7700
- Low: $7378.26
- Major Resistance Level: $7750
- Hourly MACD: Strong Upward Momentum
Naturally, everyone knows Bitcoin (BTC) has been in a serious bear market trend over the past seven months. However, recent action suggests that the potential for some form of upward inflection should be taken seriously.
First off, we have begun to see signs in recent days of the potential for the affirmation of the formation of a higher low at key support. This higher low pivot stands in relation to the late June dive down well beneath the $6000 level in BTC.
The recent hold at that same level over the last few days suggests that the recent break back above 50-day simple moving average and the $7000 level over recent days is a major inflection the market context.
As noted above, given the direction of the trend on the chart over the larger time frame, this is hardly a confirmation, but it is very promising from a technical standpoint. In other words, the action over the past week clearly suggests that Bitcoin (BTC) is beginning to show a set of signals that demand greater focus from active traders over coming days, and the clear possibility that the bear market has run its course.
Ethereum (ETH)
Price Analysis:
- High: $469.30
- Low: $454.55
- Major Resistance Level: $500
- Hourly MACD: Emerging Upward Momentum
Ethereum (ETH) has been positively divergent to Bitcoin (BTC) over the past several months, meaning that it has been slightly outperforming on a swing for swing basis in relation to the other clear and key events shown on the chart, internally speaking.
And this continues to bear itself out.
As we noted above, Bitcoin (BTC) has been showing some interesting signs of the possibility of a bullish higher low. In fact, Ethereum (ETH) is posting perhaps even more convincing signs of the same phenomenon, and the potential for a break back above the $500 level over the very near term.
In terms of identifying the other side of the equation – risk – one need only look at the trendline formed over the lows made in this coin over the past 3 to 4 months.
While some interesting potential bullish signals may be coming into place for ETH, one getting involved here on a speculative technical basis certainly would not want to stay involved through a move back underneath that trendline.
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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