Bitcoin

Bitcoin Price Tilts Higher Amid Uptick in CB Consumer Confidence

Published

6 months ago

March 29, 2023

Crispus

Bitcoin price has been in the green for two consecutive days, recovering from its slight slump on Monday. The coin has increased slightly in the past 24 hours, while its year-to-date price increased by 71.28%. Bitcoin’s total market cap has climbed 5.86% in the past 24 hours to $552 billion, while the total volume of the coin traded rose by 10.35%.

Fundamentals

Bitcoin price has been recovering for the past two days from its slight decline on Monday. The largest cryptocurrency by market cap slipped on Monday after the Commodity Futures and Trading Commission (CFTC) sued Binance for allegedly violating trading rules. In a court filing, Binance, the largest crypto exchange platform, was said to have violated eight provisions of a commodities trading law.

The lawsuit which was filed by the CFTC earlier on Monday in a federal court in Chicago has the potential to upend the operations of the crypto exchange platform. The lawsuit saw the price of Bitcoin drop 3% to $26,508, while the Ethereum price fell 3.5% to $1,704.56. Crypto exposed equities were also affected as Coinbase and MicroStrategy fell 10% each.

Even so, the largest digital asset is trading higher as Bitcoin’s net exchange flows jump to their highest level in 10 months. Data by Glassnode shows that the net exchange flows ticked higher by nearly 4,180 BTC, recording the largest net increase since the collapse of LUNA in May 2022.

The crypto market was in the green on Wednesday as investors digest the latest CB Consumer Confidence reading. The Conference Board Consumer Confidence Index increased slightly in March to 104.2, up from 103.4 in February. The Expectations Index- based on Customers’ short-term outlook for income, business, and labor market conditions inched higher to 73. However, the Expectations Index has been below 80 since February 2020, the level which often signals a recession within the next year.

At the time of writing, the global crypto market cap was at $1.19 trillion, a 5% increase over the last day. The total crypto market volume had also increased by 7.35%, while Bitcoin’s dominance inched slightly higher to 46.29%.

Bitcoin Price Analysis

Bitcoin price has staged a strong recovery this month, climbing more than 43% from its lowest level in March. On the daily chart, BTC is moving above the 25-week and 50-week moving averages, as well as the 50-day and 200-day exponential moving averages. Its Relative Strength Index (RSI) has moved higher and is currently slightly below the overbought zone. The Moving Average Convergence Divergence (MACD) indicator is bullish.

Therefore, it is evident that the bears are weakening, and the bulls have assumed control. As such, the BTC price is likely to continue moving higher as bulls eye the next resistance at $33,116. A flip below the important hurdle at $26,500 will invalidate the bullish thesis.

BTC Price Chart

Bitcoin

Bitcoin Price Outlook Ahead of Powell’s Speech

Published

2 days ago

September 27, 2023

Crispus

Bitcoin price has been relatively stable over the past few days after volatility picked up during the weekend, pushing the price lower by more than 3%. At the time of writing, the flagship cryptocurrency, Bitcoin, was trading at $26,255.55. As it continues to dominate the crypto market, ranking 1^st, its total market capitalization slightly declined over the past day to $5.12 billion. Additionally, the total volume of BTC traded over the same period slumped by more than 32%.

Economic Concerns

Data published on Tuesday showed that the Conference Board Consumer Confidence Index declined in September to 103.0, down from a revised 108.7 in August. This was its lowest level since May 2023 and marked two consecutive months of decline. The Present Situation Index, which measures consumers’ assessment of current business and labor conditions, rose slightly to 147.1 from 146.7.

The Expectations Index, which measures the consumers’ near-term prospects for business, income, and labor market conditions, dipped to 73.7 in September, down from 83.3 in the prior month. The Expectations Index fell below the crucial level of 80, which signals a recession within the next year. Consumer fears of a looming recession also ticked higher in September amid the short-term economic contraction anticipated in the first half of 2024.

Focus will be on Fed Chair Jerome Powell’s speech on Thursday which is likely to add volatility and create a bearish environment for traders. As such,…

Bitcoin

Bitcoin Price Climbs Above $27,000 Ahead of the FOMC Monetary Policy Meeting

Published

2 weeks ago

September 18, 2023

Crispus

Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.

Fundamentals

Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.

Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.

Despite Monday’s bullish rally, interest rate decisions due later in the week may introduce downward pressure on cryptocurrencies. The US Federal Open Market Committee (FOMC) is slated to commence its…

Bitcoin

Bitcoin Price Flips Above $26,500: What’s Next?

Published

2 weeks ago

September 15, 2023

Crispus

Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.

Inflation Concerns

Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.

The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.

Retail sales data also published on Thursday…