Bitcoin
Bitcoin Price Tilts Higher Amid Uptick in CB Consumer Confidence
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 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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