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The crypto markets have been quite dramatic in recent weeks, where market players have shown strong performance in one week and been quite disappointing in the other. Bitcoin also experienced a similar trajectory, and investors are now keeping an eye on the coin’s performance as it holds a critical threshold.
The entire weekend was bearish for bitcoin as it continued to fall in price, cutting more than 2% during the day and 5% during the week from the bitcoin price. This downward trend is expected to continue through the current week as trading volume builds and investors choose not to sell.
A sell signal was triggered the moment Bitcoin broke above the $24,000 level, convincing investors that not many participants are interested in buying the coin at a higher price, which was the preconceived notion among investors who were hoarding the token for short-term profit.
Investors were pretty disappointed in bitcoin last week, as you hinted at, but they failed to break above the $25,000 level; However, some found solace in the fact that bitcoin managed to stabilize at just over $23,000, at a time when numerous factors were at play.
Edward Moya, Senior Analyst at OANDA, commented the same: “It’s quite shocking to see how little cryptocurrency moves given all the volatility in fixed income, equities, currencies and commodities. An impressive jobs report is fueling rate hike calls and pouring cold water on year-end rate cut bets. Bitcoin looks contained hovering around the $23,000 level and that should be seen as good news for cryptocurrency traders. Given that the returns are likely to continue to rise, Bitcoin could struggle to break above the $25,000 level any time soon.”
Bitcoin is currently trading at $22,800, having marked a 2.51% decline throughout the day. However, the token’s trading volume increased relative to the weekend and was recorded at $22.5 billion over the last 24 hours.
Miner Action and Small Wallets Fuel Optimism for Bitcoin
Miners are in aggressive competition to sell bitcoin as it maintains a relatively stable and predictable performance over the past few weeks.
The economic behavior of the miners suggests that they have been depleting their reserves faster than ever in the last 30 days as they continue to mine new bitcoins with more labor. However, the growing number of miners is quite in line with the current performance of bitcoin prices. Now that the token is out of its “capitulation zone”, miners are relieved and expect higher profitability and less selling pressure.
At the same time, the number of small bitcoin wallets, holding less than 0.1 BTC, has increased since the beginning of the year. This is indicative of the FOMO that surrounds the market when investors look to accumulate a cryptocurrency.
More than 500,000 small bitcoin wallets have popped up in the last three weeks, and the “greed” signal on the bitcoin Fear & Greed Index suggests this won’t slow down anytime soon.
Another aspect that is responsible for the Bitcoin price remaining conservative comes from the US job market report that announced that job opportunities in the US had grown more than expected. This affected the Federal Reserve’s decision to increase interest rates, which restricted an increase in the price of bitcoin.
Comments from the federal president are still expected for the week, which is expected to take aggressive measures against the fight against inflation. The increase in interest rates from the Federal Reserve last week pushed the price up a bit, however, for a significant increase in the price of Bitcoin, additions to the interest rate increase will be required.
Institutional Investors Are Positive On Bitcoin While Technical Data Suggests A Price Drop
A recent prediction by Cathie Wood has hinted at a bullish outlook for Bitcoin from institutional investors, as her predicted figures project Bitcoin at $670,000 over the next 5 years on average and up to $1.48 million.
Cathie recently made a statement that her team had been at fault for misjudging Bitcoin’s potential price and its uptake by businesses and governments. Furthermore, she says that her company has invested in bitcoin and they believe the token has a bright future.
He acknowledged that the past year was not that exciting for Bitcoin, arguing that the losses suffered by investors – criticized as a market disadvantage – were not that significant, with major losses suffered by companies such as the FTX exchange. .
Wood is more optimistic than ever on Bitcoin, encouraging wealthy investors to turn to the cryptocurrency as it offers a brilliant way to store value and ward off inflation.
On the other hand, the short-term technicals of bitcoin suggest a rather conservative prediction for the price of the coin, as it has been sloping down through Monday, reaching near the next support level at $22,798.
This would be a crucial point for bitcoin, as a drop below this level will create an increase in supply and therefore drive the price even lower. Alternatively, Bitcoin’s upside resistance sits at $23,400 (price held throughout Friday) and consequently $23,850. A break beyond this point could signal a bullish rally for the token.
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It’s no news that electric vehicles have transformed the motor vehicle landscape, with many new players entering the market around the world. But, since the industry is relatively new, there is a lack of uniformity across the industry that could inhibit the smooth adoption of EV vehicles for new customers.
To solve this, C+Charge is here to introduce carbon credits into the EV ecosystem by providing a revolutionary blockchain-based platform. The project will introduce a way to track the wide range of charging stations, as well as a uniform payment method for a seamless charging experience.
Users can use the app to locate the nearest charging station, where they can use CCHG tokens to pay for charging. In addition to this, the tokens can be used to make all in-app purchases, as well as be converted into carbon credits that users receive for making an in-app payment.
The official token of the project, CCHG, is currently in a pre-sale where tokens are available to purchase for 0.013 USDT. So far, they have successfully raised more than $698,000 and the price of CCHG tokens will increase once the token reaches the next round of pre-sale. At the moment, this green crypto surely has the potential to be one of the top gainers in the coming weeks and months.
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