Tag: $43,000

9 kwietnia, 2022 Wyłączone

What’s Next For Bitcoin As Prices Encounter Difficulty Reclaiming $43,000?

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Recently, bitcoin prices have struggled, often dipping below the $43,000 mark and then failing to post substantial gains. Around 9:20 a.m. EDT, the world’s most popular crypto asset retreated to $42,777.20, CoinDesk data show, Saturday. The majority of cryptocurrencies traded lower early Saturday. Global crypto market market capitalization fell nearly 3% to $1.15 trillion in the last 24 hours, while total crypto market volume was up 9.3 percent to $89.50 billion. Suggested Reading | Ark CEO Cathie Wood Is As Bullish As Ever, Sees Bitcoin Hitting $1 Million By 2030 Bitcoin Short Stay At Near $44K Bitcoin was able to inch back slightly shortly thereafter, reaching $43,962.01 at approximately 10 a.m. EDT. Following this comeback, it retreated again, falling to around $42,840 at 1:30 p.m. On the other hand, the overall volume of stablecoins was $74.34 billion, or 83.06% of the total 24-hour volume of the cryptocurrency market. Bitcoin was recently trading at an average price of around $43,500, roughly where it was 24 hours ago and well below the $47,000 barrier it crossed just a few days earlier, as investors continued to weigh in on the Federal Reserve’s new hawkish zeal and the ongoing twist of economic developments sparked by Russia’s attack on Ukraine. BTC total market cap at $805.46 billion on the weekend chart | Source: TradingView.com Unease Over Fed’s Monetary Policy Tightening According to an email from Oanda Senior Market Analyst Americas Edward Moya: “Bitcoin is unsure of its direction as Wall Street gets concerned about the central bank’s aggressiveness in tightening monetary policy.” Following these recent price swings, various experts expressed their predictions for the cryptocurrency’s future direction. Ben McMillan, chief information officer at IDX Digital Assets, weighed in, indicating critical levels of support and opposition. “$43k is a critical support level in the near term as bitcoin attempts to build on its recent relative strength,” he noted. Suggested Reading | Bitcoin Helps Market Hover Past $2 Trillion As BTC Nears $48,000 Containing Inflation Cryptocurrency prices deviated somewhat from the performance of the main equities markets, which were marginally positive. The Nasdaq, which is heavily weighted toward the tech sector, gained less than a tenth of a percentage point. The US central bank has communicated strongly over the last week, both collectively and through individual governors, that it will step up efforts to contain inflation, which has hit about 8%, a four-decade high. The correlation coefficient between Bitcoin and US equities has increased in the last 90 days as investors have become more risk averse in response to the Federal Reserve’s withdrawal of the pandemic-era intervention that is attributed with catalyzing the ascent of cryptocurrency. Featured image from Research Affiliates, chart from TradingView.com
1 marca, 2022 Wyłączone

Short Traders Decimated As Bitcoin Barrels Past $43,000

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Bitcoin has surprised the market with its recent surge. The digital asset which has been struggling below $40,000 for the past week made a break for it with an incredible rally that saw its peak above $44,000. It took the market by surprise and no doubt the traders as liquidations have been the order of the day. Short traders have gotten the short end of the stick as they see hundreds of millions liquidated in the past day. Bitcoin Liquidations Run Amok Short traders have been dominating the market for a while now given that the value for the cryptocurrency has been trending low. This was made worse by the Ukraine-Russia crisis. Bitcoin had managed to hold its ground around the $36K-$38K level without slipping too low. Monday would however prove to be a deviation from the norm as the recovery took the market by surprise. Related Reading | Bitcoin Mining More Damaging To The Environment After China Ban, Study Says On Monday, bitcoin had rallied past $44,000 in what can be described as a sharp ascent. Happening over a matter of minutes, short traders were caught unawares by this movement. As such, millions of dollars in short positions were liquidated and $40K price walls across exchanges were all brought down. BTC on another recovery trend | Source: BTCUSD on TradingView.com In total, over $100 million worth of bitcoin positions has been liquidated in the last 24 hours. The last 12 hours account for about 50% of this volume as the price continues to maintain upwards momentum. In total, there has been $147 million worth of BTC liquidations in the past 24 hours. Shorts account for the majority of this figure, although there have been millions in long liquidations, however to a lesser degree. Altcoins Not Left Out Not only has bitcoin recorded large liquidations over the last day, but altcoins have also recorded large liquidation volumes in the same time period.  Naturally, bitcoin has suffered the majority of liquidations but that is expected as it is the most valuable asset in the space. However, this does not mean that altcoins have dodged the onslaught as they have also recorded over $100 million in liquidations. Related Reading | TA: Bitcoin Rallies Over 12%, Why This Could Be Major Trend Change Ethereum leads altcoins in liquidations as $58 million has been recorded over the past day. Same as Bitcoin, shorts have been the major contributors to this number as ETH has also recovered towards $3,000. Crypto liquidations surpass $300 million in 24 hours | Source: Coinglass An unlikely candidate, Luna, has come in third place in terms of liquidations. The native token of the Terra blockchain had seen $14 million in liquidations in the past 24 hours, over $6 million of which were recorded in the last 12 hours alone. The altcoin is up more than 20% in the last day, recording one of the largest increases in the recent rally. Featured image from NationalWorld, charts from Coinglass and TradingView.com
17 lutego, 2022 Wyłączone

Bitcoin Dominance Drops To 42% As Price Declines Below $43,000

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Bitcoin has continued its descent towards $40,000 proving that the reversal was only temporary. While there is not enough to rule out another recovery, the current trend does point to more downside before the digital asset can find its footing and recover above $44K. This hard-fought resistance point that the cryptocurrency had managed to beat is becoming more and more elusive. The decline is also apparent in the market dominance of the digital asset. Bitcoin which maintains a majority share of the crypto market continues to see fierce competition from other digital assets. As investors have moved towards altcoins for the gains, so have the market share gone with them. Bitcoin Market Dominance Declines Bitcoin had started out the year 2022 on a low note. It had been a hard month for the digital asset by that point and the effects from the December crash were still being felt across the market. Not only had the price of the digital asset taken a hit, but its market dominance had also suffered too, which saw it drop below 40% for the first tie in over six months. Related Reading | Top 5 Watershed Moments In BTC On-Chain Analysis’ History. Is Your Favorite In? It had quickly recovered after that but not by much. It had bounced up to a high of 43.46% at the beginning of the week following the market recovery. This would prove to be short-lived as altcoins once again mounted fierce competition. Networks like Ethereum and Solana lead the charge with a wide range of DeFi and NFT offerings. Bitcoin’s dominance quickly dropped after that. Crashing from its peak of 43.46% to its current position at 42.51%. BTC dominance declines to 42% | Source: Market Cap BTC Dominance on TradingView.com BTC still retains the majority dominance of the market despite this decline. The pioneer cryptocurrency is still a market leader and its movements on the charts are closely mirrored by altcoins in the space. Losing Footing At $44K Bitcoin at 44K is an important price point for the asset. It may not signal that the bull rally has returned but it does show significant movement towards the $45K-$46K mark that would mark another entrance into the bull market. Even though the asset had traded above 44K for the better part of yesterday, the early mornings of Thursday saw it lose $2,000 to crash to the low $42,000s. Related Reading | How Fears Of A Possible Russian Invasion Of Ukraine Is Impacting Bitcoin This has caused a decline in the strength of the digital asset given that it is now only trading above the 20-day moving average. With the value under the 50-day moving average, it signals a move of strength in favor of the bears. A close below the 50-day SMA could see bitcoin decline above $40,000. While still a significant price point, there is not enough support for BTC below this point. The next support level lies at $42,027 with major resistance mounting at $44,767. Featured image from MARCA, chart from TradingView.com
17 lutego, 2022 Wyłączone

Market Update: Bitcoin Immersed To $43,000: Ether Struggled To Maintain $3,000

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The price of Bitcoin fell below $44,000, and many altcoins followed suit. Ethereum struggled to maintain its value around the $3,000 mark while other cryptocurrencies dropped even further, including Cardano, Solana, BNB, and many more.  Bitcoin is trading below the 50-day moving average for the first time in five weeks, after briefly reaching a high near $4600 last week. However, the cryptocurrency’s price has fallen back down to earth with a drop of over $4,000 in a week. Related Reading | How Fears Of A Possible Russian Invasion Of Ukraine Is Impacting Bitcoin Yesterday, the price of bitcoin jumped past $44,000. It even neared $45,000 last night before being stopped in its tracks again by the level’s challenge. The cryptocurrency market has seen some fluctuation recently, with Bitcoin standing just over $44,000 and a few drops to $43,000. However, despite this drop in value, it’s still worth more than 800 billion dollars. This price dip seems misguided with the recent news that legacy financial companies are adopting cryptocurrencies. There has been so much growth in adoption just last week when it was announced by none other than New York Stock Exchange, which wants its own crypto brokerage at some point soon. Altcoins On The Way Down The crypto market has been volatile lately, with most coins declining in value. For example, Ethereum went as high as $3200 but failed to continue upwards. Now, it fights for staying above 3,000 USDT/ETH zone, which it occupied this morning before losing some traction throughout yesterday’s trading sessions (24 hours). Related Reading | Top 5 Watershed Moments In BTC On-Chain Analysis’ History. Is Your Favorite In? With the cryptocurrency market taking a dip today, some coins are better than others. For instance, Cardano and Solana experienced smaller drops with 3-5% daily volatility, while Ripple had less severe fluctuations at around 1.5%. In addition, the two largest meme coin holders – Dogecoin (DOGE) or Shiba Inu (SHIB), have been retracing their recent gains somewhat more moderately, which suggests that they may continue heading towards an increase in value soon enough. ATOM’s recent rise has left other coins in the shade, with its 3.5% increase putting it on track for a fifth week as one of Bitcoin’s most valuable members. The crypto market capital has seen a decrease of around $180 billion in the past day and stands at 1.82 trillion now, from an all-time high just after weeks ago where it exceeded 2 Trillion dollars. Russia-Ukraine War Impact On Bitcoin Joe Biden called on President Volodymyr Zelensky of Ukraine to discuss the ongoing tensions between their country and Russia. The United States’ senior political figure reportedly held an hour-long chat with him Monday evening. During the talk, they discussed how best to handle this geopolitical hotspot situation at hand before it worsens even further. U.S. national security advisor Jake Sullivan expressed his warning of invades to the press. With fears of a Russian strike on Ukraine growing, Bitcoin and Ethereum fell over 9% to their lowest levels in six months. With the global market suffering a severe drop, many investors were forced to sell their assets. Featured image from Pixabay, Chart from TradingView.com
9 lutego, 2022 Wyłączone

Bitcoin Settles Above $43,000, But What Does The 4-Year Cycle Say?

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Bitcoin has already lost its footing above $44K after breaking the coveted point to much fanfare. The downtrend has not been significant in any way but the digital asset could still end up losing more ground before the end of the trading day. Nevertheless, it has been a good run for bitcoin coming out of the weekend. As the cryptocurrency has made its bottom above $43,000, what could be expected going forward? Bitcoin In Four-Year Cycles As bitcoin has settled above $43,000, looking at other metrics to figure out where the digital asset may be headed has become imperative. In this report, we take a look at bitcoin through 4-year cycles and what it has often meant for the asset. Four years is important to the movement of bitcoin given that things like halvings happen in such timeframes. But for this, we take a look at the monthly EMA50 and how it works as the last correctional support before takeoff. Related Reading | TA: Bitcoin is Surging, Why Bulls Could Aim More Upsides The monthly exponential moving average is calculated using the past 50 periods. It is used to obtain the average price at which an asset has been acquired over a 50-day period. Thus, making it a widely used support level. Over the years, at four-year intervals, the monthly EMA50 has served to show the final correction support for bitcoin. The first time was between 2009 to 2013, a four-year period that ended with the monthly EMA50 working as the final correction support. The same happens between 2013 and 2017, 2017 and 2021, with the next happening between 2021 and 2025. For each of these, the monthly EMA50 has always stopped highly than the previous four-year cycle. Likewise, the price of bitcoin has not gone below this point. If this stays true, then bitcoin is likely forming its support higher than $30,000. Continuing on, this trend would put the price of the digital asset as high as $220,000 over the next four years. EMA50 marks four-year cycles | Source: TradingView.com BTC On The Charts Long-term, bitcoin shows tremendous promise. With adoption expected to rise and supply on the decline, it would impose scarcity on the asset, making it even more valuable. However, in the short term, BTC continues to struggle price-wise. Related Reading | The Bear Signal That Suggests Another Bitcoin Crash Is Coming After fighting its way out of a bear trend, it remains up to the bulls to pull out from underneath the bears. Market sentiment is getting better but still remains mostly negative, making investors wary of putting more money into the market. Bitcoin is now trading in the $43,500 territory at the time of this writing. It lost about $2K after bursting through $45,000 in the early hours of Tuesday. But it has begun to recover after falling near $43,000. BTC slips to $43K | Source: BTCUSD on TradingView.com Featured image from Tokeneo, charts from TradingView.com
7 lutego, 2022 Wyłączone

Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $43,000 After Tesla Announcement

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Following a strong weekend, bitcoin’s surge continued to start the week, as Tesla announced close to $2 billion worth of holdings in BTC. Overall, crypto markets were around 3% higher on Monday. Bitcoin Bitcoin, which consolidated for the majority of last week, moved closer to a three-week high today, climbing by as much as 3% […]