Bitcoin
Bitcoin (BTC) Ethereum (ETH) Price Analysis: Will the Troops Follow the General?
Unless you’ve been living under a rock, you’re fully aware that momentum has apparently returned to the cryptocurrency complex over the last two weeks, led by its General – Bitcoin (BTC).
If one is to pick a fight with this rally in any way, it might simply be that the sense of excitement and enthusiasm has seemed to return so quickly that it casts a bit of a shadow over the idea that this market was truly washed out and pessimistic enough to form the fertile soil of a true-blue new bull.
However, you can’t argue with the action of late in the complex as a whole, particularly when looking at some of the larger market cap coins.
Today, we’re going to take a close look at Bitcoin (BTC) in Ethereum (ETH) from a strictly technical perspective.
Bitcoin (BTC)
Price Analysis:
- High: $8482.84
- Low: $8304.36
- Major Resistance Level: $8633
- Hourly MACD: Strong Upward Momentum
Chart courtesy of tradingview.com
Bitcoin (BTC) has been simply on fire over the last two weeks.
Before this move, we told you we believed something like this might be coming given the sharp divergence seen on the RSI 14-day indicator into the end of June, and the subsequent clear higher-low support pivot formed in Bitcoin (BTC) above the $6000 level during the first half of July.
Both of these signals added up to a very strong representation of new support.
Since coming off of that higher-low pivot during the first half of this month, Bitcoin (BTC) has taken off to the upside, breaking out well above its 50-day simple moving average to now put into play a test of its 200-day simple moving average – which itself hasn’t been touched since March.
If one wants to look for glaring target levels for BTC, one need only think of that gigantic round number in the sky – $10,000. It may be closer than it looks.
Ethereum (ETH)
Price Analysis:
- High: $484.07
- Low: $476.07
- Major Resistance Level: $500
- Hourly MACD: Emerging Upward Momentum
Chart courtesy of tradingview.com
Ethereum (ETH) has clearly been lagging Bitcoin (BTC) more than a little during this recent rally. However, it has done a sufficient job of holding key support at the $400 level and then the $450 level in a clear display of some strong-handed accumulation.
Now, ETH is doing battle with its 50-day simple moving average right around the $482 level. Key resistance sits above at the big round number of $500.
A break above that level and a subsequent hold of support back at the major moving average might set the terms for an emerging upward trend in this leading market cap coin.
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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