Bitcoin is on track for a weekly gain of 1.4% from the previous week's opening, as the Fed president indicated that the central bank's fight against inflation is showing progress
The price of bitcoin fell as the January jobs report was released. It surpassed economists' expectations, proving itself more than twice as strong as expected. As the job market remains overheated, the flagship cryptocurrency responded by falling below the $24,000 level it recovered earlier this week.
The flagship briefly crossed 24,000 on Thursday to a nearly six-month high, but has mostly remained in the 22500 to 23900 range this week. The total capitalization of the crypto market now stands at 1.08tn. That's down 0.8% from Thursday
BTCUSD The rally this year appears to be driven mostly by institutional investors, as retail investors retreat from the crypto market
Technical analysis in terms of price action As we can see, bitcoin is breaking out of the downward price channel, opening the way to a new range, but first, it needs to break the closest boundary - the 23954-24920 range, in which case the price will open the way to 31411 - a liquidity zone and a strong resistance line.
Bitcoin has been in a consolidation phase for two weeks after a fairly strong rise. The positive factors: the price does not fall after the growth - which means that the buyer is interested in moving the price up, numerous retests of the resistance area are formed and each time the price goes deeper. Half of the 14 days of consolidation, the price is above the previously broken boundary of the descending channel. With the final consolidation in the long zone, the bulls will open the way to the following targets: 24920, 28500, 30000, 31400
Not bottomed yet remember we are still in a bear market
B_Musk
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@Richburst9, lol no. we're in recovery. there will be another multi month consolidation phase above current prices before the next major run later this year.
@Richburst9, I agree, this euphoric run, if indeed brought on by institutional money, is waiting to drain away all the retail bulls. Otherwise, I don't really see money supplies strengthening with all going on, crypto is only on a percentage of the market's mind. This ain't our run, I'm sure there will be one, but for me, this ain't it. If I'm wrong, oh well, it just makes more sense than spitting out gibberish that confirms my bias.
rocknrolllova
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Interesting , calling the death cross a bullish formation
riggedbb32036
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It’s unfortunate there’s no thumbs down option.
Mihai_Iacob
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Great analysis on BTCUSD! Kepp up, you do a great job as always