Bitcoin Rejected at $46K, Market Cap Loses $100B in a Day (Market Watch)

After tapping a new five-week high at nearly $46,000, bitcoin was rejected and driven south vigorously. Most altcoins are deeper in red, with substantial price losses from Ripple, Solana, Polkadot, Shiba Inu, and others. THETA is among the few exceptions with a double-digit surge.

Bitcoin Stopped Ahead of $46,000

Earlier this week, bitcoin spiked to above $45,000 for the first time since early January after previously reclaiming $40,000. However, the bears didn’t allow any further increases, and they pushed it south to below $43,000.

After a few days of relatively stagnant movements, BTC tapped $45,000 once more yesterday before reminding of its volatile nature in the following hours. After the US released its highest inflation rate numbers in 40 years (again) of 7.5%, BTC dumped by nearly $2,000.

Yet, it started to gain value just as fast and spiked by almost $3,000 to just shy of $46,000. This became its new highest price tag since January 5th while also causing pain for leveraged traders.

The bears came out to play once more at this stage, and BTC dumped by another $3,000 to below $43,000 hours later. As of now, the asset has recovered some ground and stands around $43,500, and its market capitalization is well above $800 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Retrace: Market Cap Down $100B

As it typically happens when enhanced volatility reaches BTC, the altcoins experience even more substantial losses.

Ethereum exceeded $3,200 at one point yesterday before a 3% daily decline drove it south. As of now, ETH stands beneath $3,100. Similar decreases are evident from Binance Coin, Cardano, Terra, and Dogecoin.

Ripple (-6.5%), Solana (-6.3%), Polkadot (-5.5%), and Shiba Inu (-5%) are even deeper in red. THETA is among the very few exceptions, as a 15% surge has driven it to $4.2.

Ultimately, though, the cumulative market capitalization of all digital assets dropped by approximately $100 billion in a day and is down beneath $2 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.






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Over $200 Million in Liquidations Amid Massive Bitcoin Volatility

The liquidations in the crypto market skyrocketed to $200 million on a daily scale as bitcoin, and most altcoins, dumped and pumped in a matter of hours. This came following reports about the US inflation rates, which spiked to a new 40-year high.

  • CryptoPotato reported earlier today when the primary cryptocurrency had reclaimed $44,000 and seemed rather calm around that level.
  • However, BTC neared $45,000 in the following hours, but the bullish run was stopped in its tracks after the US showcased its latest inflation rate numbers.
  • After the Consumer Price Index displayed its highest percentage in over 40 years for the month of January of 7.5%, bitcoin headed straight south.
  • In a matter of minutes, BTC dumped by nearly $2,000 to just over $43,000. Most alternative coins followed, but this retracement was short-lived.
  • Bitcoin reacted well and initiated a leg up that drove it upwards by $2,000, thus breaching $45,000 for the second time in a few days. Somewhat expectedly, most altcoins followed suit.
  • This enhanced volatility caused mass pain for some leveraged traders. Data from Coinglass shows that the liquidations shot up to over $200 million on a daily scale and more than $120 million in the past four hours.
  • So far, the number of liquidated traders stands close to 70,000, while the single-largest liquidation order happened on FTX and was worth $1.5 million.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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Bitcoin’s Price Drops $1K in Minutes as January CPI Comes at 7.5%

Bitcoin’s price tumbled by about $1,000 in less than a few minutes as the numbers for January’s consumer price index came on.

  • The Consumer Price Index (CPI) is used to gauge the average change over time in the prices that are paid by urban consumer for a basket of consumer goods and certain services.
  • Many people also refer to it as an approximation of the current inflation rates.
  • There are indexes available for various states and geographic areas.
  • For January, the Consumer Price Index for All Urban Consumer increased to 7.5% from 7% for December – not seasonally adjusted.
  • February 2022 CPI information is scheduled for release for March 10th.
  • With this in mind, a lot of polls expected an increase in the CPI, and it turned out to be a “sell-the-news” event for BTC’s price, which lost about $1,000 at the time of this writing – minutes after the numbers were released.

photo_2022-02-10_15-44-08
Chart by TradingView

  • At the time of this writing, bitcoin’s price sits at around $44K, down 1.7% in an hour and about 0.4% in 24 hours, but still up 19% on the weekly.

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Bitcoin Reclaims $44K: Shiba Inu Spikes 5% (Market Watch)

Following yesterday’s brief retracement, bitcoin went on the offensive once more and touched $44,000. Most alternative coins are slightly in the green today as well, with ETH touching $3,200 and SHIB spiking by 5%.

BTC at $44K Again

It has been roughly a week since the largest cryptocurrency began its ascent. The asset struggled at $37,500 on February 4th, but the bulls stepped up and started to push it north.

Firstly, bitcoin broke above $40,000 before adding another grand in the following hours. After stalling there for a bit, BTC began adding more value once again. This time, it tapped a multi-week high of around $44,000 before surging to $45,500 for the first time since early January.

After several days of continuous gains, it was expected to some extent that there will be a slight retracement. It transpired yesterday when BTC dropped by a few thousand dollars to $42,500.

However, bitcoin reacted well to this price slide and has added more than $1,500 since then. As a result, it now stands above $44,000, and its market capitalization has neared $850 billion.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB and Other Alts in Green

The alternative coins mimicked BTC’s performance to a large extent lately. As such, most corrected yesterday but have turned green today.

Ethereum slid below $3,100, but a 3.5% increase since then has driven the second-largest cryptocurrency to $3,200 now. Binance Coin, Ripple, Terra, and MATIC have marked similar gains, while Cardano, Solana, Polkadot, Avalanche, and Dogecoin have portrayed more modest increases.

Shiba Inu and CryptoCom’s native token are the most significant gainers as of now. Both are up by approximately 5%, with SHIB standing at $0.000033 and CRO trading above $0.5.

More price increases come from Secret (13%), Flow (13%), Kadena (10%), Harmony (9%), Arweave (8%), and NEO (8%).

The cryptocurrency market capitalization is up by around $40 billion since yesterday and is back above $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.






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JPMorgan Increases Long-Term Bitcoin Price Prediction to $150,000

According to JPMorgan Chase strategists led by Nikolaos Panigirtzoglou, Bitcoin’s “fair value” should be 12% lower than its actual price.

In their opinion, the cryptocurrency is currently overpriced and its fair value should be around $38,000. The figure is based on the premise that BTC is around four times more volatile than gold, according to Bloomberg.

If this volatility narrowed to three times, the fair value price would increase to around $50,000, stated the strategists who wrote:

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

Predicting Bitcoin Prices

A more interesting observation from the letter to investors this week is that JPMorgan has increased its long-term price prediction for BTC. A year ago, the strategists suggested the long-term price for Bitcoin was $146,000, but they have upped this to a new prediction of $150,000. They did not provide a definition or time scale of “long term,” however.

The new price prediction is a level that would put the BTC total market value on par with that of all gold held privately for investment purposes, they added.

The analysts also commented that January’s market pullback did not look like the same capitulation event that occurred in May 2021. Last month, Bitcoin prices declined by 22%, from almost $47K to around $36.5K.

However, they also noted that metrics such as futures open interest (OI) and BTC reserves on exchanges are now pointing to a “more long-standing and thus more worrisome position reduction trend.”

Even though the report is generally bearish, it is a testament to how far crypto assets have come that major Wall Street banks (that previously hated them) are now advising investors about them and predicting prices.

BTC Price Outlook

At the time of writing, Bitcoin was changing hands for $43,900 with little change over the past 24 hours. The asset hit an intraday high of $44,758 a few hours ago but has started to fall back during the Thursday morning Asian trading session.

There is strong resistance at current levels, although prices have increased by 18% over the past seven days. A break above this resistance will result in more around the $47K zone. However, if the bears regain control, BTC could fall back to support at $41.5K.

Bitcoin is currently trading down 36.7% from its Nov. 10 all-time high of $69K.

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Last Time This Cross Happened, Bitcoin Plunged 15% Immediately (BTC Price Analysis)

The positive momentum in the crypto markets is now being shadowed by a cross of two significant moving average lines.

A death cross occurs when the MA-50 crosses below the MA-200 line. This time, the cross was between the MA-100 crossing below the MA-200 line.

Reviewing the historical incidents where this cross took place, the market has reacted negatively last time, causing a 15% correction in June – July 2021 following the previous incident of a death cross.

Technical Analysis

By: Edris

Long-Term – The Daily

Bitcoin has been moving upwards in the past few days. The positive signaling point is that the BTC price has already broken above the major descending trendline and shortly attempting at the 50-days MA resistance line.

However, the negative point to highlight here is that the 100-days MA crossed below the 200-days MA. The last time this cross happened was at the final phase of the mid-2021 heavy correction. The price declined more than 15% back then – below $30K, finalizing the last bearish leg before a significant rally that ended at November’s Bitcoin ATH of $69K.

Technical Analysis; D-TF

Short-Term – 4-Hour

On the 4-hour timeframe, it is evident that the price is currently being rejected at the $45k resistance area. Moreover, the RSI indicator shows that bitcoin has been “overbought” in the 4-hour timeframe, and a correction may be imminent.

From a technical perspective, there is a high chance for the price to experience a correction to the $39k range, completing the first-major pullback after breaking the major bearish trendline.

However, one should observe the price action, as a deeper correction to the $33k range (January’s lows) is feasible, especially with the daily MA100/200 cross.

Technical Analysis; 4H-TF

Onchain Analysis

By: Shayan

The NVT Ratio (Network Value to Transactions) illustrates the relation between market capitalization and transfer volume. It’s similar to the PE (Price to Earnings) ratio utilized in equities markets.

NVT is a metric that determines whether or not Bitcoin’s blockchain network is overvalued.

Historically, when the price dropped below the 90-day and the 28-day MA NVT price, it was an excellent opportunity to follow the DCA strategy to accumulate Bitcoin.

Currently, the price is below both NVT prices indicating the network is undervalued and is considered an ideal time to start a DCA accumulation. Moreover, a day trader can start realizing the profits whenever the price breaks above the NVT prices.NVT

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Market Watch: Bitcoin Retraced After Topping at $45K, Tezos Soars 12%

After several consecutive days of marking impressive gains, bitcoin retraced slightly and lost around $2,000 since its local peak. The altcoins have calmed on a daily scale, except for a few lower- and mid-cap ones that surged, such as Tezos (XTZ).

Bitcoin’s Peak and Subsequent Retracement

Ever since February 4th, when the price of the largest cryptocurrency struggled below $38,000, the overall landscape has been highly bullish. Bitcoin initiated an impressive leg up in which it reclaimed $40,000 for the first time in weeks and only kept climbing.

This resulted in touching $43,000 and $44,000 on February 7th before the bulls pushed BTC north, as reported yesterday. This culminated in touching $45,500, which became the highest price tag seen by bitcoin in over a month.

After gaining $8,000 in days, though, the community expected some kind of a retracement, and it arrived shortly after this peak. It drove the cryptocurrency down by about $3,000 to $42,500, but the asset reacted rather well and recovered $1,000 in the following hours.

As such, its market capitalization continues to stand well above $800 billion, and its dominance over the altcoins is close to 42%.




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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Tezos on the Move

Most alternative coins registered similarly impressive gains in the past week or so. Ethereum went from struggling to remain above $2,000 to a multi-week high north of $3,100. The second-largest crypto has calmed since then, but it’s still around that line.

The remaining larger-cap alts have either stalled or retraced slightly. Binance Coin is down by 3%, Solana by 2.6%, Terra by 3.5%, Dogecoin by 3%, while Shiba Inu has lost the most (-6%). This comes despite the recent introduction of Metaverse real estate by the memecoin project.

LEO Token is the best performer on a daily scale with a massive 50% surge. This is perhaps a direct consequence of the positive development in regards to the Bitfinex hack.

Tezos is another impressive performer following a 12% surge. Consequently, XTZ now trades above $4.5.

The crypto market cap topped $2 trillion yesterday, but it’s slightly below that line after a minor daily decline.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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Last Time This Indicator Flashed, Bitcoin Spiked Almost 100%

Traders are once again hoping for a bullish run as a fresh slash of green spread across the entire crypto market. Interestingly, the 50-DMA indicator shows that the cryptocurrency might be in a good shape for further gains.

  • Bitcoin surged to $45,500 today for the first time since January 5th as the cryptocurrency market managed to reclaim the $2 trillion mark.
  • Although BTC failed to sustain the $45,000 levels and is currently trading slightly below the $44,000 region, the leading cryptocurrency flashed an indicator that was last seen before a massive rally last year.
  • Yesterday, BTC closed above the 100-day period displaced moving average (DMA), an indicator that things are looking good again for the asset.
  • A displaced moving average (DMA) is a type of moving average (MA) indicator that helps to determine trend directions. If the price closes above the MA, it is above average, which could be a sign of an uptrend. However, when the price closes below the MA, it indicates a downtrend.
  • The last time bitcoin closed above the 100-DMA was in July, just before bitcoin surged by almost 100% from around the $35,000 region.
  • Commenting on the matter was a popular crypto analyst.


  • Vijay Ayyar, head of Asia-Pacific at Luno Pte, believes the next stop for the leading cryptocurrency is $46,000 to $47,000.

“Bitcoin has broken some key levels and a downward-trending line here over the past few days and is showing signs of bullishness. it’s being capped by the 50-DMA and needs to close above it. The next stop from here is $46,000 to $47,000,” Ayyar said.

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Crypto Market Cap Reclaimed $2T: Bitcoin Reached 30-Day High Above $45K (Market Watch)

Bitcoin’s price went on a roll throughout the past few days, and it even tried to reclaim the $45K level. It has so far been unsuccessful in doing so, but the overall market sentiment has shifted considerably. Throughout the past 24 hours, the total capitalization increased by about $50 billion and managed to reclaim the $2 trillion mark.

Bitcoin Topped $45K But Failed to Sustain

Bitcoin’s price managed to surge above $45K a few hours ago and reached as high as $45,500 on Bitstamp. It’s worth noting that this marked a 30-day high as the last time it was trading at these levels was back on January 5th.

BTCUSD_2022-02-08_11-21-37
Chart by TradingView

With this said, the price was also unable to sustain at these levels and has since retraced below $44K. Still, the cryptocurrency is up 2.7% in the past 24 hours. The volatility, however, has had its toll and left some $305 million worth of liquidated positions in the same period. The largest single liquidation order took place on OKEx. It was a BTC/USDT position with a face value of $3.6 million.

Somewhat expectedly, the majority of liquidations were of short positions, and most of them took place on Binance, OKEx, and Bybit.

Total Market Cap Reclaims $2 Trillion

Crypto bulls managed to achieve another important milestone throughout the past 24 hours by reclaiming the coveted $2 trillion mark for the total market capitalization. This comes on the backs of the recent gains in BTC as well as some altcoins.




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Avalanche is one of the more notable performers from the top 10, as AVAX surged by about 6.5% in the past 24 hours. Shiba Inu (SHIB) continues to rip and is up 17% in the same period. MATIC is also up about 8%. Other leading altcoins, however, failed to follow up.

Solana lost about 3% – the same as Polkadot. Ethereum remained more or less flat throughout the day, which is also true for BNB. KDA is the biggest winner with a 20% daily surge, whereas QNT is down the most – about 8%.

This allowed for Bitcoin’s dominance over the market to increase by about 0.5% in the past 24 hours.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




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$230 Million Shorts Liquidated in 4 Days as Bitcoin Spiked 18%

The past four days have been overwhelmingly bullish within the cryptocurrency community. Even though some caution is still present, it appears that the market sentiment is quickly brightening up.

  • In the past four days, bitcoin’s price surged by a whopping 18% from slightly above $37,000 to above $44,000, where it’s trading at the time of writing this (on Bitstamp)

BTCUSD_2022-02-08_10-33-52
Chart by TradingView


  • As a matter of fact, the price went above $45K briefly during Tuesday’s trading session and reached as high as $45,500. It has since corrected and currently sits at around $44K.
  • It’s safe to say that bears have seen better days, as, during this period, data from CryptoQuant reveals that over $229 million worth of short positions were liquidated in the perpetual markets.

img1_chart_shorts
Source: CryptoQuant


  • Bitcoin remains particularly volatile at the time of this post, and it’s important to be very vigilant and careful.
  • It’s also worth noting that the aggregate funding rate is presently negative.

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Bitcoin (BTC) $ 27,224.29 1.67%
Ethereum (ETH) $ 1,908.29 2.48%
Litecoin (LTC) $ 95.26 1.71%
Bitcoin Cash (BCH) $ 114.75 1.14%