๐๐ก๐ ๐ฉ๐ซ๐ข๐๐ ๐จ๐ ๐๐ข๐ญ๐๐จ๐ข๐ง ๐ก๐๐ฌ ๐๐๐๐ง ๐ฆ๐จ๐ฏ๐ข๐ง๐ ๐๐จ๐ฐ๐ง๐ฐ๐๐ซ๐๐ฌ ๐๐ฏ๐๐ซ ๐ฌ๐ข๐ง๐๐, ๐๐ง๐ ๐ญ๐ก๐ ๐ฉ๐ซ๐ข๐๐ ๐ก๐๐ฌ ๐ง๐จ๐ฐ ๐๐๐ฅ๐ฅ๐๐ง ๐๐ฒ ๐ฆ๐จ๐ซ๐ ๐ญ๐ก๐๐ง ๐จ๐ง๐ ๐ญ๐ก๐ข๐ซ๐ ๐จ๐ฏ๐๐ซ ๐ญ๐ก๐ ๐ฉ๐๐ฌ๐ญ ๐๐๐ฐ ๐ฐ๐๐๐ค๐ฌ ๐๐ง๐ ๐ข๐ฌ ๐๐ฉ๐ฉ๐ซ๐จ๐๐๐ก๐ข๐ง๐ ๐-๐ฆ๐จ๐ง๐ญ๐ก ๐ฅ๐จ๐ฐ๐ฌ.
There has been a broad selloff in cryptocurrencies even as stock markets were rising, which was a bearish sign on crypto, but the blow to risk sentiment we got yesterday from the hawkish surprise in the FOMC meeting minutes has sent crypto even lower.
Although we have medium-term bearish momentum here, it may be that the price is now settling on the support level we see drawn in the price chart below at $42,651 which is quite confluent with the quarter-number at $42,500. I donโt expect the bulls to push the price up much from here, but if we see the price consolidate for at least a few more hours, a breakdown below $42,500 could be an effective short trade entry signal.
๐๐ข๐ญ๐๐จ๐ข๐ง ๐๐ข๐ญ๐ฌ ๐๐จ๐ฐ๐๐ฌ๐ญ ๐๐ข๐ง๐๐ ๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ ๐ข๐ง ๐๐ซ๐จ๐ฉ ๐จ๐ ๐๐% ๐ ๐ซ๐จ๐ฆ ๐๐๐๐จ๐ซ๐
Bitcoin extended a weeks-long drop on Friday, falling below $42,000 to levels not seen since September.
The largest cryptocurrency declined as much as 4.9% to $41,008, marking a tumble of about 40% from its record near $69,000 reached Nov. 10. Ether, the second-largest, dropped as much as 9% to its lowest level since Sept. 30. Both of those tokens, as well as others including Binance Coin, Solana, Cardano and XRP are down more than 10% in the past seven days, according to CoinGecko.
The retreat comes after minutes from the Federal Reserveโs December meeting, published Wednesday, flagged the chance of earlier- and faster-than-expected rate hikes as well as potential balance-sheet rundown.
โThe Fedโs intention to reduce the balance sheet in Q1 2022 is the primary cause of this sell-off,โ Fundstrat strategists said in a note Thursday. โUnfortunately, no immediate support looks likely ahead of September 2021 lows at $39,573, with breaks of that leading down to last summerโs May-July bottom.โ
Bitcoin gained about 60% last year, outperforming other asset classes amid a narrative that included institutional adoption, inflation protection and investment diversification. Itโs struggled in recent weeks, though, amid a volatile period for financial markets. Spiking inflation is leading central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that lifted a wide range of assets.
โAs the crypto market matures, we can see major crypto assets such as Bitcoin and Ethereum increasingly move in tandem with traditional markets including Treasury bonds,โ said Ben Caselin, head of research and strategy at crypto exchange AAX.
Also factoring into the declines, according to Todd Morakis, co-founder of digital-finance product and service provider JST Capital: the unrest in Kazakhstan, where a substantial number of crypto-mining operations had gone after Chinaโs crackdown on the practice, and which were already affected by the countryโs recent power-supply troubles.
The Bitcoin hash rate, a measure of the networkโs computing power, dropped to 176 million terahashes on Thursday from a record of about 208 million on Jan. 1, according to data from Blockchain.com.
๐๐ญ๐ข๐ฅ๐ฅ, ๐ญ๐ก๐๐ซ๐ ๐ฐ๐๐ซ๐ ๐ฌ๐ข๐ ๐ง๐ฌ ๐จ๐ ๐ ๐ฉ๐จ๐ญ๐๐ง๐ญ๐ข๐๐ฅ ๐ซ๐๐๐จ๐ฏ๐๐ซ๐ฒ:
Hayden Hughes, chief executive officer of Alpha Impact, a social-trading platform, said his client base was โaccumulating heavilyโ in the Asia morning, though with a strong preference for Ether as opposed to Bitcoin. And Jeffrey Halley, senior market strategist at Oanda Asia-Pacific, noted that the relative strength index or RSI is โwell oversoldโ and he wouldnโt be surprised to see a bounce back to $45,000.
๐๐ฎ๐ญ ๐ข๐ง๐ญ๐จ ๐ญ๐ก๐ ๐ฐ๐๐๐ค๐๐ง๐, ๐ฐ๐ก๐๐ง ๐ฅ๐ข๐ช๐ฎ๐ข๐๐ข๐ญ๐ฒ ๐๐๐ง ๐จ๐๐ญ๐๐ง ๐๐ ๐ญ๐ก๐ข๐ง ๐๐ง๐ ๐๐ฑ๐๐๐๐ซ๐๐๐ญ๐ ๐ฉ๐ซ๐ข๐๐ ๐ฆ๐จ๐ฏ๐๐ฆ๐๐ง๐ญ๐ฌ, ๐ญ๐ก๐๐ซ๐โ๐ฌ ๐ ๐ซ๐ข๐ฌ๐ค ๐๐จ๐ญ๐ก ๐ฎ๐ฉ ๐๐ง๐ ๐๐จ๐ฐ๐ง.
A break of Bitcoinโs price below $41,000 โcould get ugly, with the mid-to-low thirties a possible destination,โ said Antoni Trenchev, co-founder of crypto lender Nexo. He added that Bitcoin endured a two-month period of consolidation in the $30,000 to $40,000 range from May to July last year, and โa repeat of history canโt be ruled out as Fed tightening remains the popular narrative.โ
- ๐๐โ๐ ๐ถ๐บ๐ฝ๐ผ๐ฟ๐๐ฎ๐ป๐ to keep in mind that cryptocurrency markets are extremely volatile, making it difficult to accurately predict what a coinโs price will be in a few hours or a few days and even harder to give long-term estimates. As such, analysts and online forecasting sites can get their predictions wrong. We recommend that you always do your own research and consider the latest market trends, news, technical and fundamental analysis , and expert opinion before making any investment decisions. Be patient and look long term wisely and never invest more than you can afford to lose.
Trading & Investing both are the master of RISK.
Please comment, like and follow if it was helpful for you.
Thank you for your time.
Have a profitable day.
| Review and analysis by Samadi.Finance |
There has been a broad selloff in cryptocurrencies even as stock markets were rising, which was a bearish sign on crypto, but the blow to risk sentiment we got yesterday from the hawkish surprise in the FOMC meeting minutes has sent crypto even lower.
Although we have medium-term bearish momentum here, it may be that the price is now settling on the support level we see drawn in the price chart below at $42,651 which is quite confluent with the quarter-number at $42,500. I donโt expect the bulls to push the price up much from here, but if we see the price consolidate for at least a few more hours, a breakdown below $42,500 could be an effective short trade entry signal.
๐๐ข๐ญ๐๐จ๐ข๐ง ๐๐ข๐ญ๐ฌ ๐๐จ๐ฐ๐๐ฌ๐ญ ๐๐ข๐ง๐๐ ๐๐๐ฉ๐ญ๐๐ฆ๐๐๐ซ ๐ข๐ง ๐๐ซ๐จ๐ฉ ๐จ๐ ๐๐% ๐ ๐ซ๐จ๐ฆ ๐๐๐๐จ๐ซ๐
Bitcoin extended a weeks-long drop on Friday, falling below $42,000 to levels not seen since September.
The largest cryptocurrency declined as much as 4.9% to $41,008, marking a tumble of about 40% from its record near $69,000 reached Nov. 10. Ether, the second-largest, dropped as much as 9% to its lowest level since Sept. 30. Both of those tokens, as well as others including Binance Coin, Solana, Cardano and XRP are down more than 10% in the past seven days, according to CoinGecko.
The retreat comes after minutes from the Federal Reserveโs December meeting, published Wednesday, flagged the chance of earlier- and faster-than-expected rate hikes as well as potential balance-sheet rundown.
โThe Fedโs intention to reduce the balance sheet in Q1 2022 is the primary cause of this sell-off,โ Fundstrat strategists said in a note Thursday. โUnfortunately, no immediate support looks likely ahead of September 2021 lows at $39,573, with breaks of that leading down to last summerโs May-July bottom.โ
Bitcoin gained about 60% last year, outperforming other asset classes amid a narrative that included institutional adoption, inflation protection and investment diversification. Itโs struggled in recent weeks, though, amid a volatile period for financial markets. Spiking inflation is leading central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that lifted a wide range of assets.
โAs the crypto market matures, we can see major crypto assets such as Bitcoin and Ethereum increasingly move in tandem with traditional markets including Treasury bonds,โ said Ben Caselin, head of research and strategy at crypto exchange AAX.
Also factoring into the declines, according to Todd Morakis, co-founder of digital-finance product and service provider JST Capital: the unrest in Kazakhstan, where a substantial number of crypto-mining operations had gone after Chinaโs crackdown on the practice, and which were already affected by the countryโs recent power-supply troubles.
The Bitcoin hash rate, a measure of the networkโs computing power, dropped to 176 million terahashes on Thursday from a record of about 208 million on Jan. 1, according to data from Blockchain.com.
๐๐ญ๐ข๐ฅ๐ฅ, ๐ญ๐ก๐๐ซ๐ ๐ฐ๐๐ซ๐ ๐ฌ๐ข๐ ๐ง๐ฌ ๐จ๐ ๐ ๐ฉ๐จ๐ญ๐๐ง๐ญ๐ข๐๐ฅ ๐ซ๐๐๐จ๐ฏ๐๐ซ๐ฒ:
Hayden Hughes, chief executive officer of Alpha Impact, a social-trading platform, said his client base was โaccumulating heavilyโ in the Asia morning, though with a strong preference for Ether as opposed to Bitcoin. And Jeffrey Halley, senior market strategist at Oanda Asia-Pacific, noted that the relative strength index or RSI is โwell oversoldโ and he wouldnโt be surprised to see a bounce back to $45,000.
๐๐ฎ๐ญ ๐ข๐ง๐ญ๐จ ๐ญ๐ก๐ ๐ฐ๐๐๐ค๐๐ง๐, ๐ฐ๐ก๐๐ง ๐ฅ๐ข๐ช๐ฎ๐ข๐๐ข๐ญ๐ฒ ๐๐๐ง ๐จ๐๐ญ๐๐ง ๐๐ ๐ญ๐ก๐ข๐ง ๐๐ง๐ ๐๐ฑ๐๐๐๐ซ๐๐๐ญ๐ ๐ฉ๐ซ๐ข๐๐ ๐ฆ๐จ๐ฏ๐๐ฆ๐๐ง๐ญ๐ฌ, ๐ญ๐ก๐๐ซ๐โ๐ฌ ๐ ๐ซ๐ข๐ฌ๐ค ๐๐จ๐ญ๐ก ๐ฎ๐ฉ ๐๐ง๐ ๐๐จ๐ฐ๐ง.
A break of Bitcoinโs price below $41,000 โcould get ugly, with the mid-to-low thirties a possible destination,โ said Antoni Trenchev, co-founder of crypto lender Nexo. He added that Bitcoin endured a two-month period of consolidation in the $30,000 to $40,000 range from May to July last year, and โa repeat of history canโt be ruled out as Fed tightening remains the popular narrative.โ
- ๐๐โ๐ ๐ถ๐บ๐ฝ๐ผ๐ฟ๐๐ฎ๐ป๐ to keep in mind that cryptocurrency markets are extremely volatile, making it difficult to accurately predict what a coinโs price will be in a few hours or a few days and even harder to give long-term estimates. As such, analysts and online forecasting sites can get their predictions wrong. We recommend that you always do your own research and consider the latest market trends, news, technical and fundamental analysis , and expert opinion before making any investment decisions. Be patient and look long term wisely and never invest more than you can afford to lose.
Trading & Investing both are the master of RISK.
Please comment, like and follow if it was helpful for you.
Thank you for your time.
Have a profitable day.
| Review and analysis by Samadi.Finance |
Trade active
Market Rank: 1
BTC Price: $41,664
Price Change 24h: $-1,399.11/-3.25%
24h Low / 24h High: $42,205.32/$43,551.83
90d Low / 90d High: $41,237.05/$68,789.63
Trading Volume 24h: $65,576,637,610.19/+47.20%
Volume / Market Cap:0.08187
Market Dominance: 40.06%
Market Cap: $800,968,810,168.77/-1.62%
Fully Diluted Market Cap: $888,911,537,652.46/-1.62%
Yesterday's Change: -0.93%
Yesterday's Volume: $30,208,048,288.93
Circulating Supply: 18,922,406 BTC
Max Supply: 21,000,000 BTC