Autor Cointelegraph By William Suberg

Bitcoin analysts eye crucial levels to hold after BTC price almost hits $45K, Ethereum $3K

Bitcoin analysts eye crucial levels to hold after BTC price almost hits $45K, Ethereum $3K

Uverejnil používateľ | mar 1, 2022 |

Bitcoin (BTC) checked its latest gains at the Wall Street open on Mar. 1 as bulls sought to defend $44,000 highs. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC weekly gains hit 17%Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it declined from its local peak of $44,980 on Bitstamp at the opening bell.The second day of trading with armed conflict in Europe as its background, Tuesday continued a surprisingly cool phase for U.S. equities, with only oil showing the knock-on effects of the Ukrainian war.Bitcoin, by contrast, held onto the majority of its advances, which had been rekindled in earnest Monday. Versus the same time a week ago, BTC/USD was up 17% at the time of writing.Bitcoin since weaponized finance began with Russia.Compared to the S&P ($ES), Crude, Dollar, and Gold. pic.twitter.com/zXTHaAUByR— Cantering Clark (@CanteringClark) March 1, 2022″$44k has been tested a million times, wouldn’t wanna be caught shorting that,” popular Twitter account DonAlt summarized as part of a post about low timeframes. “$40k good support if we should get a surprise dip.”Bitcoin thus improved its image as a potential safe haven in times of strife, reversing initial losses as the Ukraine situation began to unfold late last week.”Bitcoin is proving itself as a safe haven in times of global uncertainty. It has outperformed every other asset class by orders of magnitude since the Ukraine invasion,” Charles Edwards, founder of crypto fund Capiole declared.At the time of writing, BTC/USD was declining towards the $43,600 zone fellow analyst Nebraskan Gooner had previously highlighted as a necessary zone to hold for the daily close.#Bitcoin Low time frame traders need to be on the lookout for a close below $43,600That’s the key low time frame level right now. pic.twitter.com/nl3xocLWw8— Nebraskangooner (@Nebraskangooner) March 1, 2022

Smaller crypto wallets begin sweeping record highsActivity related to Bitcoin and Ether (ETH) wallets in particular meanwhile continued to grow.Related: $300M in crypto liquidations accompanies Bitcoin’s surge to $44KAccording to data from on-chain analytics firm Glassnode, smaller ETH addresses holding at least 0.01 ETH and BTC addresses 0.1 BTC both reached all-time highs.There were 21.9 million 0.01 ETH wallets and 3.35 million 0.1 BTC wallets detected as of Tuesday.BTC wallet address chart. Source: Glassnode/ TwitterETH/USD returned to $3,000 on the day — a two-week high.

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$300M in crypto liquidations accompanies Bitcoin's surge to $44K

$300M in crypto liquidations accompanies Bitcoin's surge to $44K

Uverejnil používateľ | mar 1, 2022 |

Bitcoin (BTC) hit $44,000 overnight on Mar. 1 as a rally that began Monday sparked unexpected results. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTraders warns of “massive variables” for BTC priceData from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $44,250 on Bitstamp before consolidating, still above $43,000 at the time of writing.The move had come in two main bursts, beginning just prior to the Wall Street open.Against a highly uncertain macro backdrop, analysts had been hard-pressed to forecast what Bitcoin price action would do next, a mood that continued as local highs appeared.Yesterdays #BTC trade we took with the group. Didn’t expect it to run that hard tbh. Would have raised TP probably because I think it can do 1 more leg up before some correction. Red box was for the entire move, now 1 more (smaller) leg to go imo. Nice, quick profit pic.twitter.com/1suDz8pk7p— Crypto_Ed_NL *not asking to send DM’s* (@Crypto_Ed_NL) March 1, 2022Looking ahead to the month of March, popular trader and analyst Pentoshi noted that even more triggers were about to be added to the macro mix.”Want to state, March is a month of massive variables,” he told Twitter followers on the day. “So I think day to day approach is best. There is a lot going on in the world right now. It’s anyones guess. I’m leaning towards yearly open still, but after that it’s wait and see.”He nonetheless admitted that he “did not see coming” the extent of Bitcoin’s rapid gains, despite adopting a more bullish posture in February.Aside from the ongoing Russia-Ukraine war, the U.S. Federal Reserve is due to make a decision on key interest rate hikes this month. U.S. consumer price index (CPI) data is due March 10.Bears meanwhile took a hit from the latest events, with cross-crypto liquidations totalling $305 million in 24 hours, data from monitoring resource Coinglass showed.Crypto liquidations chart. Source: CoinglassLUNA shines as altcoins reboundBitcoin thus outperformed most of the top ten cryptocurrencies by market cap, with 24-hour returns hitting 15%.Related: War puts BTC price to the test — 5 things to watch in Bitcoin this weekEther (ETH) managed to add around $370 to reach local highs of $2,970, still unable to crack major resistance higher up.The crown was once again taken by Terra (LUNA), however, which added over 20% to nearly double in just seven days.LUNA/USD 1-day candle chart (Binance). Source: TradingView

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Wall Street open sends Bitcoin to $40K as latest BTC price surge passes 6%

Wall Street open sends Bitcoin to $40K as latest BTC price surge passes 6%

Uverejnil používateľ | feb 28, 2022 |

Bitcoin (BTC) got a boost from the start of Wall Street trading on Feb. 28 as U.S. stocks opened to a defining week for markets amid geopolitical tensions.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTraders eye BTC exit beyound $40,000Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $40,560 on Bitstamp after the opening bell on Feb. 28.The move concluded what had been a relatively calm weekend punctuated only by a comedown into the weekly close.With the monthly close approaching, eyes were on whether Bitcoin could definitively avoid sealing a fourth month of declines in a row. Now can we go? #Bitcoin Gaining the upper range ($40.8k-$44.4k) and holding trading elevates the safety of the bullish structure formed. $37k absorbed all liquidity? If so, price will respond by breaking $44.4k pic.twitter.com/oyA805nX7l— G a a h (@gaah_im) February 28, 2022With the Wall Street gap up totaling $1,900 in an hour, the mood among traders favored an attack of $40,000 resistance to reassert presence higher.For popular trader and analyst Crypto Ed, $42,000 was an area of interest.#BTC updateStill confident about that move to 42k which I shared as 1 of the first on thursday….BTC reached my green box yesterday but the bounce is stalling. Could even do 1 more leg down and I’m still confident. Will trade it only after more confirmation tho. pic.twitter.com/udW9VWaOjw— Crypto_Ed_NL *not asking to send DM’s* (@Crypto_Ed_NL) February 28, 2022

U.S. stocks were meanwhile unexpectedly calm on the open in the wake of a sea change in relations with Russia, including the almost total ban on transacting with its central bank.The S&P 500 traded down around 1% at the time of writing, with the Federal Reserve possibly already taking action to cushion the blow of Russian sanctions.”From here, the idea is that if BTC can break 39.5k I think 41.5/42.0k comes next, and I’d expect LUNA to continue outperforming. Keeping my focus on it as long as it works,” popular Twitter account Pierre wrote in a cross-crypto update.Altcoins see calm start of week tradingOn the topic of Terra’s LUNA token, this was one of only two standouts among major altcoins at the time of writing.Related: War puts BTC price to the test — 5 things to watch in Bitcoin this weekLUNA/USD was up 3.9% at $78.27, still behind leader Solana (SOL), which managed 4.4%.By contrast, Ether (ETH), the largest altcoin by market cap, was down 1.6% on the day at $2,718.ETH/USD 1-hour candle chart (Bitstamp). Source: TradingViewFor most, however, even the short-term timeframes remained a mystery thanks to geopolitical events.”I honestly, honestly, don’t know what to expect this week from the markets. Slightly in favor of higher for risk-on assets, but it’s an equal bet almost,” Cointelegraph contributor Michaël van de Poppe admitted.

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War puts BTC price to the test — 5 things to watch in Bitcoin this week

War puts BTC price to the test — 5 things to watch in Bitcoin this week

Uverejnil používateľ | feb 28, 2022 |

Bitcoin (BTC) starts a new week in the shadow of a new geopolitical conflict — what are the main hurdles that investors face?In what has become an unrecognizable macro-environment compared to even days ago, Bitcoin, like many other assets, is feeling the pressure.Russia’s invasion of and subsequent war against Ukraine is wreaking havoc on global markets, and developments can upend sentiment within hours or just minutes.The timing has hit Bitcoin, too — its “safe haven” quality is seeing a serious test, as investors look for safety and fiat bagholders look for an exit.As the overriding influence this week, Cointelegraph takes a look at what might lie in store for Bitcoin in the short term as it holds up against complex and almost surreal macro events. Five topics for BTC investors this week can be found below.Ukraine war dominates It goes without saying that the Russia-Ukraine conflict is the main driver of market performance this week.The situation, having only arisen in its current form five days ago, remains in a state of constant flux — sanctions keep coming, both sides and their allies continue to knuckle down, markets react to new threats and probabilities. Chief among them is Russia’s economy, which is bracing for turmoil on Monday. Stock trading has been pushed back to at least 3 pm local time, and the prognosis is bleak for its currency, the ruble, which is already trading at record lows.Talks are scheduled to begin Monday, and any glimmer of hope could cause an about-turn in the short-term outlook and thus change the face of markets.While uncertainty rules, however, everyone will be looking for the ultimate safe haven, and Bitcoin’s use — whether by ordinary Russians and Ukrainians or their governments — is already a talking point.As Cointelegraph reported, Ukraine’s army has already raised millions of dollars in crypto aid, and far-reaching sanctions against Moscow could yet facilitate a pivot to Bitcoin as an economic tool.The idea has not passed the establishment by — Mykhailo Fedorov, Ukraine’s deputy president, called on exchanges to block Russian and Belarusian users’ funds.“Bitcoin is like a knife to a surgeon or a knife to a criminal,” podcast host Preston Pysh wrote at the weekend, summing up the situation. “Like any valuable technology throughout time, its value comes from the intention behind its use.”Markets, meanwhile, will likely be driven depending on shifts in events on the ground and knock-on effects for governments.Urals med crude (russian oil) vs brent pic.twitter.com/ePk6V7cSCu— Zhu Su (@zhusu) February 28, 2022So far, oil — but not Russian oil — has been one of the few beneficiaries of the war, while Bitcoin has managed to remain fairly stable — unlike gold, which first gained rapidly and then lost all its newly-won ground.Bitcoin and altcoins’ correlation to traditional stock markets remains, however, and low timeframes are thus apt to provide a real headache for traders regardless of what turns the war takes.Spot price action faces macro force majeureWith traditional markets poised to be extremely volatile on their respective Monday opens, guessing how Bitcoin will fare on the shortest timeframes is a real problem.Correlations aside, Bitcoin has so far managed to remain in a fairly tight range, and $40,000 is a clear resistance zone for bulls to beat.The problem, however, is that any more dramatic move could ultimately come as a result of major macro changes and thus be an unreliable longer-term signal.“Down about 4% on Sunday am 5:00EST (Feb. 27) from Friday, Bitcoin is indicating a rough week for risk assets,” Mike McGlone, chief commodity strategist at Bloomberg Intelligence warned.A popular Twitter account meanwhile noted that current levels represent the so-called point of control (PoC) for the past 15 months, with $38,000 seeing large volumes relative to other price points in the current range.“When it comes to Bitcoin, the playing field seems quite simple,” a more hopeful Michaël van de Poppe argued. “Consolidation happening after a bullish move during the past week. If you truly want to see more momentum, then the corrections shouldn’t be that deep so $38.1-38.2K must hold. Then, we could be going to $44K.”With U.S. markets still to open at the time of writing, the picture may well change entirely before Monday is out.A comparison to March 2020 may be useful — at that time, Bitcoin first fell in line with global markets, only to rebound as an asymmetric bet that took hodlers on a bull run never seen before for the next nine months.Remember the March 2020 Bitcoin Crash? (-82% from 2017 high). Imo unlikely to recur, but it could if another macro shock comes around. I psychologically prepare by imagining absolutely sitting tight while the market repeatedly punches me in the face. https://t.co/X8l699B4w1— Tuur Demeester (@TuurDemeester) February 27, 2022

Another month, another red candleSunday’s close did not really go according to plan for Bitcoin market observers.A last-minute dive took away the chances of closing the week and the month above $38,500, and thus gave the history books their first four straight monthly red candles since the 2018 bear market.Already an unexpected comedown, last week’s events appear so far to only be making things worse for Bitcoiners, who have yet to see the cryptocurrency branch out on its own, away from traditional assets.Also causing a headache for analysts is the monthly chart relative to its 21-month exponential moving average (EMA), which could be apt to disappear as support should losses continue.The 21 EMA being broken has been a common feature of macro bear trends for Bitcoin, with February mercifully avoiding a repeat performance.“Tomorrow’s Monthly Close is critical. If we close below $37,000 (purple 21m/EMA) that gives us the same bearish signal as all other previous Macro Downtrends,” analyst Kevin Svenson warned against a chart showing the level.BTC/USD 1-month candle chart (Bitstamp) with 21EMA. Source: TradingViewBitcoin previously failed to reclaim two key moving averages as a pretext for retaking higher resistance levels nearer all-time highs from November. The result, analyst Rekt Capital warned at the time, could be a potential revisiting of the range low at $28,000.On the plus side, Bitcoin’s 200-week moving average, a benchmark that few believe will be challenged as support, crossed $20,000 for the first time this weekend.Difficulty steadies the shipTurning away from geopolitics, investors have every reason to keep faith in the strength of the Bitcoin network.Despite price pressures and uncertainty on practically every timeframe, miners keep mining, and hash rate and difficulty have kept climbing.This week may see a challenge to the status quo — hash rate is steady, but difficulty is due to decrease for the first time in 12 weeks to take the latest changes into account.This is nothing “bad” as a phenomenon — the 1.25% decrease is modest by Bitcoin’s standards and likely reflects circumstantial changes in miner participation, rather than the start of a new trend.According to monitoring resource MiningPoolStats, hash rate, for its part, remains above 200 exahashes per second (EH/s), a sea change from even a matter of months ago when Bitcoin hit its all-time highs.Bitcoin hash rate chart (screenshot). Source: MiningPoolStatsThe divergence of fundamentals from price has been extensively covered over the past year.The question now is whether price will follow hash rate as in years gone by.Sentiment predicts the worstBitcoin, true to its mantra, does not seem to have “liked” the emergence of a new armed conflict in Europe.Related: Top 5 cryptocurrencies to watch this week: BTC, LUNA, AVAX, ATOM, FTMIts potential roles aside, the largest cryptocurrency is not enjoying a sentiment boost as a result of recent events.According to the Crypto Fear & Greed Index, a sentiment indicator which has seen increasing attention in 2022, the market is getting rapidly more nervous.BTC/USD saw a relatively small dip overnight into Monday, but that was still enough to drag the Index back into its “extreme fear” territory — from 26/100 on Sunday to 20/100, its lowest since Feb. 22.For context, January’s local lows of $32,800 produced a reading of 11/100 for Fear & Greed, this level often constituting macro lows in recent years.Crypto Fear & Greed Index (screenshot). Source: Alternative.meReacting, commentators nonetheless argued that the price decrease into Monday could be a forewarning by the free market that doom and gloom will reign supreme come the start of TradFi market trading.#Bitcoin already sending signals on Monday market sentiment? pic.twitter.com/pP1rtvJGFg— jeroen blokland (@jsblokland) February 27, 2022

Crypto’s traditional counterpart, the Fear & Greed Index, was meanwhile also in “extreme fear” mode last week before a recovery.

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Bitcoin fails to beat resistance as $40K stays out of reach into weekly close

Bitcoin fails to beat resistance as $40K stays out of reach into weekly close

Uverejnil používateľ | feb 27, 2022 |

Bitcoin (BTC) faced down $40,000 on Feb. 27 as hopes for the weekly close hinged on avoiding a fourth red monthly candle in a row.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTensions mount for TradFi markets openData from Cointelegraph Markets Pro and TradingView showed BTC/USD making several attempts to break out of the $30,000-$40,000 corridor Sunday, all of which ended in rejection.The pair had stayed broadly higher throughout the weekend, cutting traders some slack after a week of volatility at the hands of geopolitics and media headlines.Now, $38,500 was the level to watch for Bitcoin to close out the week and the month — failure to do so would mean a fourth straight monthly red candle.#Bitcoin has less than 36 hours to close above $38.5k in order to break the streak and avoid having 4 straight red monthly candles https://t.co/PX45GlOLrZ— Matthew Hyland (@MatthewHyland_) February 27, 2022As Cointelegraph reported, bulls were spared a lower low last week, despite the downside move on the Ukraine invasion, bottoming out at $34,300 versus $32,800 in January.”Cautiously optimistic this is a short to mid-term bottom for BTC,” popular trader and analyst Pentoshi continued. “I pulled my 40.3k orders (not great) and will focus higher to 41.6k for de-risking. Must flip that and there’s some pretty decent upside. I am still cautious bc the macro landscape imo is anything but bullish.”That macro landscape was poised to deliver a fresh bout of uncertainty on Monday’s open thanks to moves by the West to cut Russian banks off from off-shore liquidity and the SWIFT payment system.A mention of Russia’s nuclear deterrent by president Vladimir Putin likewise ruffled feathers over the weekend, with Ukraine and Russia beginning negotiations on the Belarusian border Sunday.For Bitcoin proponents, meanwhile, the potential knock-on impact of Russian financial sanctions and the cryptocurrency’s status as a neutral network for value transfer began to take center stage.What does it mean for USD & SWIFT if *both* sides of the conflict opt into #Bitcoin for its superior features? Answer: It means all countries & institutions better buy up as much #Bitcoin as they possibly can now b4 their financial platform gets obsoleted.— Jason Lowery (@JasonPLowery) February 26, 2022

“Still processing the implications,” former Coinbase CTO Balaji Srinivasan wrote as part of a Twitter response about freezing the central bank assets. “This is a financial neutron bomb. Bankrupts people without blowing up buildings. Hits all 145M Russians at once, every ruble holder. In a maximalist scenario, possible collapse of the Russian economy.”On its part, Ukraine began to accept donations for its army in Bitcoin, Ether (ETH), and Tether (USDT). Its wallets had received over 91 BTC ($3.57 million), as well as 1,797 ETH ($5.02 million) and $1 million in USDT at the time of writing.Weekend stays “boring” for cryptoFor crypto markets overall, however, there were few opportunities as sentiment remained very much in “wait and see” mode.Related: Ethereum to $10K? Classic bullish reversal pattern hints at potential ETH price rallyOut of the top ten cryptocurrencies by market cap, none managed noticeable moves up or down over the past 24 hours.ETH/USD traded at near $2,800, with weekly gains nonetheless approaching 6%.ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView”Pretty boring market movements during the weekend and that’s not weird,” Cointelegraph contributor Michaël van de Poppe summarized. “Probably approaching a very hectic & volatile week with the war in Ukraine. Don’t go ham on your positions, just play it slow. Sentiment and momentum can switch fast due to these political events.”

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