Alexander Kuptsikevich
FxPro Financial Services Limited
Market picture
Crypto market capitalisation rose 2% over the past 24 hours to $858bn. Bitcoin added 2.3% to $17.2K, trading near the top of its range since November 12.
The technical picture remains the same for Bitcoin, and it will need to confirm a move out of its abnormally narrow range, whichever way it moves.
In the event of a further rise, such confirmation would see a consolidation at above $18K, near the 50-day moving average and local support from June through October. A downward move could lead to further decline if it sends the price below $16K.
News background
Amid the collapse of FTX and the crypto market, Coinbase's revenues could be halved by 2022, the company's CEO Brian Armstrong said.
A new CNBC poll shows that Americans' attitudes towards cryptocurrencies have deteriorated significantly amid the collapse of the Terra ecosystem and the bankruptcy of cryptocurrency exchange FTX. Only 8% of US residents have a favourable view of crypto assets.
The Ethereum team has said it plans to activate the Shanghai hardfork n March 2023.
Popular Twitter analyst PlanB, author of the stock-to-flow model, reiterated his confidence in the massive growth of bitcoin in 2023 or at least in 2024. According to him, BTC will be worth between $100K and $1 million after the next halving, with the first cryptocurrency expected to bottom in the next three weeks.
Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.
Recommended Content
Editors’ Picks
Bitcoin price could retrace to $42,000 if US Nonfarm Payroll comes in at 180,000
Bitcoin price just like other assets, is highly impacted by the macro-financial developments. This includes the Nonfarm Payrolls (NFP) report released by the BLS of the United States. This time around, the NFP data is expected to cause a dip in the value of BTC.
Ripple is now only 3% away from becoming a bigger entity than Binance Coin
Ripple has overcome a lot of obstacles on its way to becoming the world’s fifth-largest cryptocurrency, as witnessed by the recent rise in XRP price. The native token of the world’s biggest crypto exchange, Binance Coin, on the other hand, has been moving in the opposite direction.
Ethereum leads altcoins north as Bitcoin halts amid bull trap fears
Ethereum (ETH) price remains northbound, unrelenting despite the king of cryptocurrency, Bitcoin, showing weakness. Behavior analytics tool Santiment observes that Ether and altcoins are on a tear even as BTC momentum fades.
BTC headstrong as Spot ETF talks reach technical stage
Bitcoin remains steadfast on the higher timeframe, amid news that spot BTC exchange-traded funds (ETF) discussions are now at the technical stage of approval. Specifically, talks with Spot BTC ETF issuers have advanced to key technical details, with Reuters indicating that it could signal a shift toward a potential approval.
Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.