Author: NEWSBTC

TA: Ethereum Faces Rejection, Why ETH Could Nosedive Below $3K

by NEWSBTC

Ethereum spiked towards $3,300 but failed to extend gains against the US Dollar. ETH price is correcting gains and there is a risk of a move below $3,030.

  • Ethereum started a downside correction after it spiked above the $3,270 level.

  • The price is now trading below $3,100 and the 100 hourly simple moving average.

  • There was a break below a major bullish trend line with support near $3,140 on the hourly chart of ETH/USD (data feed via Kraken).

  • The pair must stay above $3,030 and $3,020 to avoid a downside break in the near term.

Ethereum Price Remains At Risk

Ethereum extended increase above the $3,200 level. ETH even climbed above the $3,250 level and the 100 hourly simple moving average. However, the bulls failed to gain strength above $3,250.

A high was formed near $3,283 and the price started a fresh decline. There was a move below the $3,200 and $3,150 support levels. Besides, there was a break below a major bullish trend line with support near $3,140 on the hourly chart of ETH/USD.

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The pair settled below $3,100 and the 100 hourly simple moving average. It even spiked below the $3,030 support. A low is formed near $3,005 and the price is now consolidating losses.

An immediate resistance is near the $3,080 level. It is near the 23.6% Fib retracement level of the recent decline from the $3,283 swing high to $3,005 low. The first major resistance is near the $3,120 level and the 100 hourly SMA.

Ethereum Price

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Source: ETHUSD on TradingView.com

The main resistance is near the $3,150 level. It coincides with the 50% Fib retracement level of the recent decline from the $3,283 swing high to $3,005 low. A successful close above $3,150 might start another increase. In the stated case, the price could surpass the $3,220 and $3,250 levels.

More Losses in ETH?

If ethereum fails to start a fresh increase above $3,120 or $3,150, it could continue to move down. An initial support on the downside is near the $3,030 level.

The next major support is near the $3,000 level. A downside break below the $3,000 level might push the price towards the $2,950 level. The next major support is near the $2,800 level, below which there is a risk of a larger decline.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing pace in the bearish zone.

Hourly RSI – The RSI for ETH/USD is below the 50 level.

Major Support Level – $3,000

Major Resistance Level – $3,150

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TA: Bitcoin Turns Lower, Why BTC Could Extend Losses Below $42.5K

by NEWSBTC

Bitcoin failed again to clear the $45,500 resistance zone against the US Dollar. BTC is declining and remains at a risk of more losses below $42,500.

  • Bitcoin attempted another upside break above $45,500 but failed.

  • The price is trading below $43,500 and the 100 hourly simple moving average.

  • There was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

  • The pair could decline sharply if there is a clear move below the $42,500 support zone.

Bitcoin Price Corrects Gains

Bitcoin price attempted an upside break above the $45,500 resistance zone. However, BTC struggled to gain pace above the $45,500 level. A high was formed near $45,900 and the price started a fresh decline.

The price moved below the $45,000 and $44,500 support levels. Besides, there was a break below a key bullish trend line with support near $43,500 on the hourly chart of the BTC/USD pair. The pair is now trading below $43,500 and the 100 hourly simple moving average.

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Bitcoin is now finding bids near the $42,600 level. A low is formed near $42,664 and the price is now consolidating losses. An immediate resistance is near the $43,450 level. It is near the 23.6% Fib retracement level of the recent decline from the $45,900 high to $42,664 low.

The first major resistance is near the $44,000 level and the 100 hourly simple moving average. The next key resistance is near the $44,250 level. It is near the 50% Fib retracement level of the recent decline from the $45,900 high to $42,664 low.

Bitcoin Price

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Source: BTCUSD on TradingView.com

A clear upside break above the $44,250 level might open the doors for more upsides. The main resistance on the upside is still near the $45,500 level.

More Losses in BTC?

If bitcoin fails to start a fresh increase above $44,250, it could continue to move down. An immediate support on the downside is near the $42,600 zone.

The next major support is seen near the $42,500 level. If there is a downside break below the $42,500 support, the price could start a major decline towards the $41,200 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $42,500, followed by $41,200.

Major Resistance Levels – $44,000, $44,250 and $45,500.

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Bloomberg: Ethereum Price Levels May Fall Below $2,000

by NEWSBTC

After the cryptocurrency market collapsed in January, some assets closed the month in the red. This includes Ethereum, the second-largest cryptocurrency by market capitalization, which went below 27% from December.

While Ethereum (ETH) has already seen positive returns in February, the potential of a price crash remains. The price of ETH might drop as low as $1,700, according to Bloomberg. Experts believe, however, that Ethereum’s bullish fundamentals will be preserved.

Ethereum May Follow Last Year’s Price Trend

Bloomberg has warned that it is pessimistic on Ethereum (ETH). Bloomberg experts anticipate that Ethereum might fall to as low as $1,700 in their latest Intelligence report. The drop, however, could be followed by an upward correction.

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According to Bloomberg, Ethereum (ETH) could follow in the footsteps of last year’s June to September price movement, and fall below current levels to reach the aforementioned price. The report reads:

“Ethereum could repeat last summer and revisit about $1,700. Once the weaker leveraged long positions were purged, the resolution was a new high around $4,800 in November. Ethereum approaching the lower end of its range has greater risks for shorts than longs.”

Led by senior commodity strategist Mike McGlone, the analysts noted that the ETH market is in a consolidation phase near the end of a bull market. This is evidenced by the fact that the market has benefited both buyers and sellers by trading in the $2,000 to $4,000 price range.

A bear storm usually affects long positions more than short positions. However, Bloomberg notes that the impact of this bearish shift will be worse for Ethereum shorts than for bullish holdings in this situation.

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Regardless, the analysts point out that Ethereum’s optimistic fundamentals remain intact, thus a price drop below $1,700 would be bullish for the cryptocurrency overall. It may even be essential, as it was last year, to cleanse “weaker leveraged long positions.”

According to Bloomberg, the second most valuable cryptocurrency has a strong long-term outlook. It compares Ethereum’s fundamentals to those of Bitcoin, which is predicted to break through $100,000 in the near future due to dwindling supply and rising demand. The report added:

“Ethereum’s fundamentals are similar, with straightforward technical guidance and buyers prevailing at about $2,000 and sellers around $4,000.” .

Ethereum and Bitcoin are projected to continue rising unless “something stops the spread of the nascent technology.” This is due to the fact that both cryptocurrencies are still considered to be in their early phases of acceptance.

Related article | Ethereum Beats Out Walmart, Mastercard To Be 25th Largest Asset In The World

Ethereum Price Turn Green

Currently, the price of Ethereum appears to be downplaying the issue. In the previous few days, the price of ETH has surpassed $3,000, a gain of roughly 19.7%. At the time of writing, ETH was trading at roughly $3,190, up 3.22% on the day.

Ethereum is trading in the green, along with several other altcoins, as the market recovers from last week’s losses. Ethereum has gained about 20% in the last seven days, making it the best performer among the top five Cryptocurrencies in terms of market capitalization.

Ethereum

ETH/USD 24-hours charts. Source: TradingView

Finder.com, a savings website, predicted a price of $7,609 for Ethereum later this year, but still expects it to decrease to $6,000 by the end of the year due to market competition.

Meanwhile, Vanessa Harris, Permission’s chief product officer, claims that the asset will lose a significant amount of value. By 2030, she expects Ether to be worth $100.

Her arguments are supported up by suspicions that Ethereum’s move from a Proof-of-Work to a Proof-of-Stake blockchain will not solve the problem of network congestion, which has resulted in high fee costs for network users in the past.

Ethereum is trading in the green, along with several other altcoins, as the market recovers from last week’s losses. Ethereum has gained about 20% in the last seven days, making it the greatest performer among the top five Cryptocurrencies in terms of market capitalization.

Related article | Vitalik Buterin On How To Eliminate Ethereum Network Congestion

Featured image from Deposit Photos, chart from TradingView.com

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New Cardano Milestone Might Be The Push It Needs To Scale $1.50

by NEWSBTC

Cardano has been struggling on the charts since its decline that began last year. It has since taken the digital asset below $1, although a recent recovery trend has rectified that. Nevertheless, Cardano is yet to regain at least 50% of its all-time value. With low momentum rocking the cryptocurrency, it has been an uphill battle getting the asset back up to $1.20.

Despite the price, the project itself has continued to see progress, and recently, it hit a new milestone. One that could very well be the much-needed put for Cardano to once again reclaim the $1.50 mark.

Cardano Surpasses 30 Million Transactions

As the adoption of the blockchain has grown, the transaction count has gone up significantly. The total transaction count for the network has now surpassed 30 million. For Cardano, this is an important milestone in the competition between the various smart contracts platform.

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This milestone comes on the back of IOG, the developer behind Cardano, announcing a new parameter update that helped to increase the block size by another 8KB bringing the total block size to 80KB. With this update, the number of transactions incorporated by the network on a daily basis has gone up greatly. The update was announced on February 1st. Since then, Cardano has incorporated over 895,000 transactions.

Related Reading | Cardano (ADA) Forms Local Resistance As It Readies For Another 40% Liftoff

There have been a number of updates proposed on the network to increase its overall capacity and security. This has translated to a higher number of transactions being processed on a daily basis. It will also help to accommodate all of the loads expected as decentralized applications (DApps) launch on the blockchain, as well as various large NFT drops expected to take place.

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What About ADA?

Cardano’s native token ADA has not been on the best course in recent times. After touching $3 at its ATH, it has since crumbled to six-month lows. However, with the recovery trend in the market, the digital asset has now made a significant movement back towards its previous value.

ADA which had trended between $0.9 and $1.10 for the longest time has finally made the break above $1.20. This is also significant for the digital asset as $1.20 has proven to be a strong resistance point for the cryptocurrency. After breaking through this resistance point, the next drop-off point for ADA will be around the $1.55-$1.65 mark.

Cardano (ADA) price chart from TradingView.com

ADA breaks above $1.20 | Source: ADAUSD on TradingView.com

Despite the fact that ADA has recovered from its recent lows, its investors are still seeing more losses than gains. ADA’s holder base has been one of the hardest hit with only 19% of the entire investor base in profit at current prices. A large majority of holders (66%) are in loss, while only 15% are in neutral territory.

Related Reading | Cardano (ADA) Price Touches $1.20 Aims To Regain Previous Losses

Nevertheless, indicators for the digital asset point towards a bullish outlook. Its futures market momentum shows that traders are turning bullish on the asset, and on-chain signals tell the same story. Exchange signals are however neutral with a perfect balance between bears and bulls.

Featured image from Bitcoin News, chart from TradingView.com

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Here’s How Soon Ethereum Might Target $3600

by NEWSBTC

Ethereum has been zooming up on its charts over the past few days. In the last seven days, the altcoin posted double-digit gains as it secured a 20% increase in market value. Post the dip, Ethereum along with other major coins have followed similar kinds of price movement. At the time of writing, ETH was valued at $3230.12.

Price action was considerably bullish today after weeks of consolidation as displayed by Ethereum. The altcoin toppled over its support level of $3085.60 and was seen hovering around the $3200 price level. Indicators pointed towards a bullish price action with possibilities of ETH moving further on the upside to test its immediate resistance levels.

Ethereum Soars By 20% In The Last Week

With Bitcoin recovering on its charts, the broader market displayed strength. Major altcoins have also witnessed increased buying strength. In the case of Ethereum, buyers have flocked the market and have also occasionally pushed ETH to an overvalued and overbought territory.

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Ethereum has breached resistance levels one after the other which has shot up investors’ interest and confidence in the past week. Sustained buying strength could make ETH eye its immediate price ceiling of $3400. ETH has managed to surge 50% since January’s price dip.

Price Analysis: ETH/USD Four-Hour Chart 

Image Source: TradingView ETH/USD

On the four-hour chart, ETH had displayed an upward price action over the past week. At press time, the most popular altcoin was priced at $3230.12. In the past 24 hours, however, Ethereum just appreciated by 1%. Overhead resistance for the coin stood at $3391, past which, the price ceiling awaited at $3609.

The technical outlook for the coin was bullish at the press time, even though over the last day ETH hasn’t managed to secure substantial gains. The price of ETH was seen above the 20-SMA line, a reading that indicated buyers in the market were in charge of pushing the price momentum forward.

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The Relative Strength Index has managed to remain above the half-line in the past week, as RSI has dipped below the zero-line. At the time of writing, was near the 60 mark which meant that buyers preceded sellers in the market.

In the case of buyers remaining in the market, if ETH continues to trade above the current mark for the immediate trading sessions there’s a chance that the altcoin will continue to remain bullish. In the event of sellers taking over, the local support level for ETH was at $3085 and then at $2839.

Related article | Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year

Chances Of ETH Dipping?

Ethereum’s important technical indicators have pointed towards a bullish bias, although some indicators have displayed chances of a price reversal. On the four-hour chart, ETH had formed a Death Cross which is considered bearish. The 200-SMA line crossed over the short-term 50-SMA line, ever since which, ETH continued to hover near the current price level.

MACD flashed a bearish crossover, with red histograms lining up underneath the zero-line. This meant that bears could be taking over and a possible sell signal. In accordance with the sell-signal RSI despite being positive noted a downward movement at the time of writing.

The volume of Ethereum closed high in red the previous session which displayed that bears dominated the previous price session. In case Ethereum laterally trades over the next trading sessions, it could dip to its aforementioned support levels.

Related Reading | XLM Takes Off With 20% Gain, SDF CEO Outlines Drivers Which Could Fuel Rally

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Crypto Market To Drop 80% Like Early Internet Company Stocks?, Why This Analyst Thinks So

by NEWSBTC

The crypto market cap has recently begun to recover regaining $2 trillion. However, an analyst thinks a bear call could be in place given several similarities between the dot-com bubble in 2000 and the current crypto market.

Related Reading | Crypto Market Cap Regained $2 Trillion With Bitcoin Reaching At $45K

Crypto Mirrors The Internet. Good Or Bad News?

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Recent studies show that the adoption curve of cryptocurrencies is looking similar to the early adoption of the internet around 1993, which could point in at a hyper-inflection point to happen soon where crypto and its related technologies become a regular tool used in everyone’s day-to-day lives. This could call for demand to increase and value to rise with it.

However, an analyst predicts that similarities with the internet could turn into a repetition in history where the crypto market would drop around 80% as the Nasdaq did back in 2000 amidst the dotcom bubble, a result of speculative investments and an overabundance of capital markets funding dotcom startups that later failed to make a return.

Investopedia explains that the dotcom bubble “was a rapid rise in U.S. technology stock equity valuations fueled by investments in Internet-based companies in the late 1990s.” The Nasdaq rose five-fold between 1995 and 2000, but then dropped reaching almost 77% in losses by Oct. 4, 2002.

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“Even the share prices of blue-chip technology stocks like Cisco, Intel, and Oracle lost more than 80% of their value. It would take 15 years for the Nasdaq to regain its peak, which it did on April 24, 2015.”

Analyst Tasha Che shared via Twitter a take that traces the possibility for the crypto market to enter an extended bear market with a similar drop to the Nasdaq’s in the 2000s. Che sees these main similarities:

  • By 2000, the internet had a user base of 413 million people, around 6% of the world’s population. Nowadays, around 60% of the global population is using the internet, says Internet World Stats. In parallel, recent data collected by the GWI indicates that 10% of working-age internet users own some form of cryptocurrency, roughly 6% of the current world’s population as well.Ownership of Cryptocurrency by Age and Gender January 2022 DataReportal

  •  Both markets had a multi-year bull run due to the hype over “breakthrough tech” while being “thinly supported by actual use cases”.

  • “Monetary policy headwind”. In a similar macroeconomic scenario, in 2000 The Federal Reserve lifted 6 rate hikes by quarter-point in 1 year in an effort to slow down the rising prices of goods and services.

  • “In 2000 Bloomberg Internet Index reached a peak market cap of $2.9 trillion (about $3.5 trillion to today’s dollars)”, which then fell to $1,2 trillion by the end of the same year. Chen believes that “Given internet stocks back then cover wider subsectors than crypto today, a $2.5-3 trillion market cap would put crypto at par w/ dot-com valuation then.”

Crypto
Crypto total market cap at $1,9 trillion in the daily chart | Source: TradingView.com

The expert further noted that the two years that Nasdaq dropped 80%, “It was blessing in disguise for internet industry–weeded out opportunists, gave real builders breathing room to build & allowed organic growth. But absolutely brutal for investors.”

Chen states that this opinion is not “a straight bear call” given that “history doesn’t repeat blow by blow”, but with such a similar setup she thinks it may be “in the cards”. The missing factor is a blow-off top, which is defined as “a sudden rise in price and volume, followed by a sharp decline in price also with high volume.”

If that blow-off top happens in the next few months by going back to the $3 trillion cryptos total market cap range, Chen thinks we would “almost surely see history rhymes.”

Related Reading | Crypto Winter Is Thawing With Bitcoin And Ethereum Rebound Signal

The Opposite View

However, other users pointed out that Chen’s data does not properly take into account the nearly 5x M2 money supply increase over the last 20 years, which has risen from $4.6 trillion in 2000 to $18.45 trillion in 2020.

Another user noted that the two markets may not be systemically correlated outside of sentiment given that the Internet speculation in 2000 gave foot to the overly inflated market, but the now speculation in crypto could be seen as “a parallel liquid market.”

It was also pointed out that crypto represents a different case due to the assets being more reflexive. Growth in usage can reflect in price and increases in price can lead to usage. However, the dotcom bubble did not slow down internet usage as “nobody needed to buy AMZN to use Amazon.”

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JPMorgan Puts Bitcoin At $150,000 In The Long-Term, But What About Its ‘Fair Value’?

by NEWSBTC

Bitcoin has been on another recovery trend since this past weekend. It has continued on this path which has seen its balance above $44K. For most, this is a low value given that the digital asset was at $69K a few months ago. However, for JPMorgan strategists, this is not the case. Even at the current price which bitcoin has struggled hard to attain, strategist Nikolaos Panigirtzoglou believes that BTC is still overvalued.

Bitcoin Fair Value Is 12% Less

In a recent research note from JPMorgan, strategist Nikolaos Panigirtzoglou and others share thoughts around bitcoin. Even though the strategists are not particularly bearish on the digital asset, given their long-term outlook, they still believe that bitcoin is slightly overvalued. However, the value which Panigirtzoglou places BTC at is not that far from its current price, so it may be that bitcoin is following closely to what is expected.

Related Reading | Crypto Winter Is Thawing With Bitcoin And Ethereum Rebound Signal

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The team, led by Panigirtzoglou, places bitcoin’s ‘fair value’ at $38,000. The digital asset has since beaten this price point and left it in its rearview mirror, but the JPMorgan strategists say that this is where the asset should be trading at.

The strategists calculate the fair value of bitcoin using its volatility compared to that of gold. Currently, BTC’s volatility is roughly four times that of gold. However, when this volatility differential narrows to three times that of gold, the strategist explains that its fair value will then rise to $50,000.

“The biggest challenge for Bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,” the note read.

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Bitcoin price chart from TradingView.com

BTC gains $1K in hours | Source: BTCUSD on TradingView.com

Putting BTC At $150,000

JPMorgan has always held a more bullish outlook for bitcoin in the long-term compared to the short-term. Last year, the strategists had put the price of BTC in the long term at $146,000. This had come at a time when the bull rally was in full bloom. At the same time, the strategists had put the price of the digital asset at $73,000 in the short term, a price mark that the asset is yet to hit.

Related Reading | Bitcoin Whales Wreck Bears, This Is What Happened Last Time They Were Active

This time around, the strategists have moved up their expectations for the digital asset. Despite the bearish short-term outlook, the market strategists believe that bitcoin will go as high as $150,000 in the future. They, however, did not provide a time frame for this, but they have previously said that they expect BTC to hit $73,000 in 2022.

Bitcoin has fluctuated between $43,000 and $44,000 in the past 24 hours. The asset fell as low as $43,600 in the early hours of Thursday but quickly picked back up, gaining over $1,000 in value in a matter of hours. It is currently trading at $44,631 at the time of this writing, up 2.36% in the last 24 hours.

Featured image from The Guardian, chart from TradingView.com

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Algorand Foundation Names Former JP Morgan Executive as CEO, ALGO Soars 10%

by NEWSBTC

Today, the Algorand Foundation announced the appointment of Staci Warden as their CEO. On the board of the foundation since September 2021, according to a press release, Warden will take on the responsibilities as its leader.

Related Reading | Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year

The Algorand Foundation will nurture from Warden vast experience. Before joining the organization, she ran the Global Market Development practice at the Milken Institute, a nonprofit think tank created with the objective of aiding people at “building meaningful lives”.

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At the Milken Institute, Warden led the nonprofit’s work on capital market development, innovative finance with sustainable development goals, and crypto and blockchain solutions, according to the release. Its subsequent participation in the Algorand ecosystem seems like a logical step.

This network aims at becoming the hub for the “future of finance” running on its Proof-of-Stake (PoS) blockchain by merging decentralize and traditional finances. Designed with a non-carbon emission approach, with low-cost and a scalable network, Warden has acknowledged its potential.

According to Kieron Guilfoyle, the Foundation’s Board Chairman:

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Staci understands the potential for Algorand to become a dominant Layer One blockchain, and she has the experience and expertise to drive our global efforts to scale and to deliver outstanding value to our community. I know she will waste no time in shifting the Algorand Foundation into its expansion phase.

In addition to her experience at the Milken Institute, Warden ran JP Morgan’s Europe, the Middle East and Africa (EMEA) practices. She also led the Nasdaq’s two market for microcap companies and held senior positions in the public and nonprofit sector at the U.S. Treasury Department, according to the release.

Furthermore, Warden worked for the Center for Global Development, and the Harvard Institute for International Development. The new member at the Foundation has experienced doing business in over 50 countries with a vast knowledge of the use cases and potential for crypto to aid people and mitigate real world issues.

The Algorand Foundation, And How Crypto Can Help The World

The Foundation believes the current year will be “key” in the development of ALGO network. In 2022, they expect the DeFi sector, Non-Fungible Tokens (NFTs), to continue to gain relevance and increase their adoption rates.

In that sense, the Foundation has set out to make the network a core “building block” for the digital economy of the future. Warded stated the following on her new role:

1.7 billion people in the world do not have access to finance, and the Algorand protocol has the speed, the security, and the decentralization to address the problem of global financial inclusion at scale. By both ratcheting up our global ambitions as well as doubling down on our commitment to the DeFi ecosystem, I know that we will deliver tremendous value for both the Algorand ecosystem as a whole and the end-users it supports.

Related Reading | Algorand, Solana, And More Lead List Of Biggest Losing Altcoins

As of press time, ALGO trades at $1,01 and has seen an almost 10% profit in the last week as the crypto market continues to trend to the upside. As the year enter the end of its first quarter, it’ll be interested to see if ALGO and the market in general will be able to sustain their bullish momentum.

Algorand ALOGUSDT
ALGOUSDT moving sideways on the daily chart. Source: ALGOUSDT Tradingview

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What’s Next For Polkadot As The Bears Reappear

by NEWSBTC

Over the last week, Polkadot shot up by 16% pushing DOT to trade at $21.15 at the time of writing. The bullish momentum helped the coin to trade above the $20 support level. Over the last 24 hours, DOT lost 2% of its market value. The coin was seen oscillating between $22.62 and $21 at press time.

Polkadot had tried to breach the $22.62 resistance mark for quite some time over the past few days. The bulls were rejected each time as the aforementioned price ceiling has acted as a robust one. Although DOT flashed sideways trading,  the bulls managed to keep prices above the 20-SMA line in the past few days. At press time, however, it could be seen that the bears were back as prices dipped below the 20-SMA mark.

Price Analysis: DOT/USD Four Hour

Image Source: TradingView DOT/USD

The price of DOT was seen below the 20-SMA line which meant that the price momentum of the coin was dragged by sellers. The nearest support region for DOT stood from $20.91 to $19.65. Polkadot’s trendline has been on the upside in the past few days as the coin continued to secure gains over the mentioned time frame.

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Polkadot considerably traded at the $22 price mark for a long, however, its attempt to move above that price level was dampened by the bears. The coin failed to trade above the crucial resistance mark, as a reason, DOT depreciated at press time. Continued sideways trading will further push prices down from the current level.

Technical outlook also picked up on the bearish price action and flashed bearishness at the time of writing. The Relative Strength Index had managed to sustain over the half-line as long as the bulls were near $22, the moment the coin lost momentum RSI fell through the zero-line. A fall beneath the zero-line presented a sell signal and sellers were seen overtaking buyers in the market.

MACD was also negative as the indicator underwent a bearish crossover. Red histograms were seen below the half-line, in accordance with the same reading, RSI depicted an increased number of sellers. MACD had displayed a sell signal for DOT.

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Related Reading | Ethereum Beats Out Walmart, Mastercard To Be 25th Largest Asset In The World

Next Trading Levels Of DOT

The continued drag from sellers would push the coin to $20.91 and then to $19.65. The volume of DOT was seen closing in the red in the past two trading sessions. Red volume bars are indicative of bearish price movement, this meant that the majority of exchanges happened through selling.

In the event of bulls re-surfacing, which could happen if prices reclaimed the $22 mark, there could be a positive price break-out. A break on the upside would propel prices to the next price ceiling of $25, however over the trading sessions DOT would keep moving on the downside and then attempt to reach the aforementioned resistance mark if the $22 mark again doesn’t prove to be a stiff price ceiling for the coin.

Related Reading | Cardano (ADA) Price Touches $1.20 Aims To Regain Previous Losses

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Bitcoin Steadies Above $45k, US Inflation Comes In At 7.5% Year Over Year

by NEWSBTC

Bitcoin price recovered to within $45k after sliding below $44k as analysts indicated probable swings for the flagship cryptocurrency. The release of US inflation rates seems to have had no effect on the king cryptocurrency.

Bitcoin’s price rose past a crucial barrier overnight Wednesday, reaching $45,300, before falling as the broader market dipped in early trades after US markets opened.

Bitcoin Unaffected By Inflation Rates

Over the last 24 hours, BTC/USD has moved in a range of $43,402.81 – $45,398.91, exhibiting high volatility. Trading volume has climbed by 16.21% to $28.8 billion, while the overall market cap is around $860.47 billion dollars, leading in a 42% market dominance.

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As investors analyzed new US inflation data, which came in at 7.5% year-over-year vs an expected 7.3%, the earlier decline took shape. Risky assets like crypto and equities have reacted negatively, with all eyes on the Federal Reserve’s upcoming rate hike in March.

Bitcoin 

BTC/USD steadies above $45k. Source: TradingView

Despite being 0.2% higher than predicted, rising inflation did not have the same favorable impact on risk assets like Bitcoin as it had in recent months.

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The S&P 500 fell 0.23%, the Nasdaq composite fell 0.18%, and the Dow Jones Industrial Average remained barely above the flat line.

According to analysts, the Federal Reserve may now have additional motivation to begin raising interest rates sooner due to the speed of year-over-year price increases.

Crypto trader and analyst Michael van de Poppe observed:

“The Consumer Price Index (CPI) results for the U.S.A. are coming in at 7.5% year-over-year, the expectations were 7.3% year-over-year.$DXY is shooting up and risk-on assets are dropping down like Bitcoin & equities.Likelihood that the FED will start rate hikes in March.”

However, for economist Lyn Alden, it was cash savers who had been losing the most from inflation. she noted alongside a chart:

bitcoin and inflation rates

U.S. CPI vs. effective federal funds rate chart. Source: Lyn Alden/ Twitter

“Official inflation currently has its biggest gap over short-term interest rates since 1951. People holding cash in a bank or T-bills over the past year lost over 7% of their purchasing power.”

Related article | Investors Take Refuge In Bitcoin As Inflation Rises

BTC Will Hit $50k In Short term

The Fed will be put to the test here, as they had hoped for a steady tightening cycle rather than a hasty tightening that would appear to be a policy blunder. The political pressure on the Biden administration and Democrats will increase as core inflation rises over the Fed’s objective and real average hourly earnings fall. Although November is still a long way off, this inflation report shows that price hikes are everywhere, and there is rising opposition to new fiscal stimulus measures that would exacerbate pricing pressures.

As investors predict that pricing pressures may be peaking just before the Fed’s March policy meeting, US stocks have regained most of their inflation-related losses.

Given the rise in global bond yields, Bitcoin prices are holding up well. Bitcoin’s optimal future environment is risk appetite, which may be tough to achieve until after the Fed’s first couple of rate hikes. Institutional investors in Bitcoin are focusing on Treasuries because the momentum trade appears to be quite simple. For the short term, Bitcoin appears to be settling in between $40,000 and $50,000.

Cameron Winklevoss, co-founder of Gemini, feels Bitcoin is still the best inflation hedge, corroborating thoughts from the crypto community and even mainstream investors.

Related article | Bitcoin Aims For $48K? BTC Reacts Upward To U.S. Inflation Report

Featured image from iStockPhoto, Charts from TradingView.com

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Bitcoin (BTC) $ 37,657.09 0.10%
Ethereum (ETH) $ 2,035.43 0.68%
Litecoin (LTC) $ 69.29 0.20%
Bitcoin Cash (BCH) $ 222.27 0.08%