Bitcoin
Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) Price Analysis: Markets Weak
Bitcoin, Ethereum, and Litecoin have yet for finding their bottom. All three seem to be consolidating in preparation for a breakout in one direction or the other. The price action of Bitcoin seems to be where all the attention is currently focused.
Bitcoin (BTCUSD)
Bitcoin continues to hover near the $10,000 price level where it has encountered support.
On January 16th, Bitcoin made a sharp drop from $13,617, to a low of $9760.00 breaking below the $10,000 price level for the first time since it hit its all-time high near $20,000 in mid-December. When Bitcoin broke through the $10,000 price mark last November 29, 2017, on its way up, the financial news media went absolutely crazy over the cryptocurrency, bringing a great deal of attention to it, and in many ways creating an “irrational exuberance” among newcomers to the market, leading to the significant rise in demand, and the rapid price increase.
As can be seen in Chart #1 below, it took Bitcoin less than three weeks to go from $10,000 to its all-time high near $20,000. Who’s to say that is can’t happen again.
However, the retracement to the $10,000 level once again has the financial media in a “Tizzy,” this time for a doom-and-gloom scenario. And once again, the news is drive prices.
Chart#1 Bitcoin Daily
The Bitcoin daily chart above is showing more downward price tendency with a descending triangle pattern forming.
However, the $10,000 level is definitely a key support level for Bitcoin and the entire cryptocurrency market.
Anyone that is involved in the cryptocurrency market is watching bitcoin’s price action to see which way price breaks. A significant move in either direction will cause the “herd to stampede” and the price move will be greatly amplified.
The savvy trader will pay close attention the volume patterns in the intraday price charts. They will reveal early on which way price will break.
Ethereum (ETHUSD):
Ethereum is the only one of the three cryptocurrencies I this article showing any indication of breaking to the upside.
As can be seen in Chart #2 below, the Euthereum daily chart is showing an inverted head-and-shoulder price pattern forming. This pattern is typically an indication of a price reversal to the upside.
Ethereum’s volume is below its normal average. When Bitcoin makes a move away from the $10,000 price level, in all likelihood, Ethereum will move with it.
If the price move is to the upside, Ethereum is primed to make new all-time highs.
Ethereum (ETHUSD):
Litecoin (LTCUSD):
Litecoin’s price action is mirroring Bitcoins.
Chart #3 below shows how Litecoin is trading at the apex of a descending triangle pattern for which it has broken slightly below the lower support level line.
Volume for Litecoin is very light, and the price seems to be reacting to moves by Bitcoin.
Chart#3 Litecoin Daily
In the cryptocurrency market where fundamentals are virtually non-existent, news and the bell-weather assets drive the market. From a technical analysis perspective, entire cryptocurrency is currently lumbering around with light volume, and no momentum, waiting for something to happen. The next few days may bring about some price movement that may spark some volatility.
We will be updating our subscribers as soon as we know more. For the latest ICOs, sign up below!
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.
Image courtesy of coinmarketcap.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…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
