Bitcoin jumped 8.5% to $23,300 on Tuesday, showing a 20.8% gain over the last seven days. Ethereum is trading around $1570 on Wednesday morning, adding 3.4% in 24 hours and an impressive 49% for the week. The top altcoins are also rising nicely, adding between 3.9% (Polygon) and 11% (Cardano) for the day.
Total crypto market capitalisation, according to CoinMarketCap, rose 4.7% overnight to $1067bn.
Bitcoin on Tuesday posted its highest gains in a month on the back of a rebound in US stock indices and a weaker dollar. BTC has tested the highs since June 13 near $23,700, and on Wednesday, it is trying to consolidate above its 50-day moving average.
The dynamics near that line often acted as a reliable medium-term trend indicator. Only a strong buy above this level can serve as a firm reversal indicator in the next few days. If the upside momentum stalls, as it did in February and March this year, we should be prepared for a sharp increase in selling.
BTCUSD also exceeded the 200-week average during the last growth wave but fixing above this level at the end of the week should be considered a reliable signal.
The cryptocurrency Fear & Greed Index climbed to 31 by Wednesday after more than two months in "extreme fear" territory.
After waves of capitulation in May-June 2022, bitcoin quotes have been below the realised price for a month now. Other signals of a potential bottom forming have also emerged, Glassnode notes.
CryptoQuant, the research firm, has warned investors that further sales of BTC miners in a falling market could return pressure on prices.
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
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days. Investors can expect XRP to kickstart a massive rally.
Optimism price outlook with nearly $90 million worth of OP tokens flooding markets on Friday
Optimism volatility has shrunk in the ours leading to the network’s cliff unlock. It joins the likes of dYdX and Sui, which have similar events on their calendars. As token unlocks are often considered bearish catalysts, investors should brace for a reaction after the event.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Retail watches from the sidelines with a bias for shorts
Bitcoin could clear $73,777 peak as BTC bulls resurface. Ethereum might fall 10% before next leg up as ETH RSI teases with sell signal. XRP could lose $0.6000 threshold as Ripple bulls fail to show up.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito price action shows a potential cup and handle formation. Based on theoretical measurement rules, a successful breakout could yield a 56% rally to $6.0. A breakdown of the $3.86 support level would create a lower low for JTO and invalidate the bullish thesis.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.