Price analysis
Here’s 5 cryptocurrencies with bullish setups that are on the verge of a breakout
The S&P 500 ended its four-week-long recovery last week after minutes from the Federal Reserve’s July meeting hinted that the central bank’s rate hikes will continue until inflation is under control. Members of the Fed said there was no evidence that inflation pressures appear be easing. Another dampener was the statement by St. Louis Fed president James Bullard who said that he would support a 75 basis point rate hike in September’s Fed policy meeting. This reduced hopes that the era of aggressive rate hikes may be over. Crypto market data daily view. Source: Coin360 Weakening sentiment pulled the S&P 500 lower by 1.29% for the week. Continuing its close correlation with the S&P 500, Bitcoin (BTC) also witnessed a sharp decline on Aug. 19 and is likely to end the week with ste...
Price analysis 8/19: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX
Bitcoin (BTC) and most major altcoins witnessed a sharp sell-off on Aug. 19, but there does not seem to be a specific trigger for the sudden drop. The sharp fall resulted in liquidations of more than $551 million in the past 24 hours, according to data from Coinglass. Barring a V-shaped bottom, other formations generally take time to complete as buyers and sellers try to gain the upper hand. This tends to cause several random volatile moves that may be an opportunity for short-term traders, but long-term investors should avoid getting sucked into the noise. Daily cryptocurrency market performance. Source: Coin360 Glassnode data shows that investors who purchased Bitcoin in 2017 or earlier are just doing that by holding their positions. The percentage of Bitcoin supply dormant for at least ...
Price analysis 8/15: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX
Bitcoin (BTC) has been witnessing a tough battle between the bulls and the bears near the $25,000 level. A clear winner may not emerge in the short term due to a lack of a catalyst and because there is no major macroeconomic data scheduled for this week in the United States. Data points from Asia or Europe may increase volatility, but they are unlikely to start a new directional move. Anthony Scaramucci, founder and managing partner of Skybridge Capital, in an interview with CNBC, advised investors to ride out the current uncertainty in cryptocurrencies and “stay patient and stay long term.” He expects Bitcoin to reward investors immensely with a sharp uptrend over the next six years. Daily cryptocurrency market performance. Source: Coin360 Along with the focus on Bitcoin, investors are al...
Top 5 cryptocurrencies to watch this week: BTC, ADA, UNI, LINK, CHZ
The S&P 500 rose for the fourth successive week as investors cheered on signs that inflation may have peaked. Bitcoin (BTC) and select altcoins also extended their recovery, suggesting that investors are increasing their exposure to risk assets. A similar trend has played out in the cryptocurrency markets. Altcoins, led by Ether (ETH), have outperformed Bitcoin after clarity on Ethereum’s Merge, according to analysts at Glassnode. Crypto market data daily view. Source: Coin360 However, trading firm QCP Capital is cautious about the momentum in the altcoin market. They highlighted that the open interest on Ether options had surged to $8 billion, exceeding Bitcoin option OI which was at $5 billion. Glassnode suggested that traders have been booking profits on the spread between their spo...
Price analysis 8/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) could not overcome the barrier at $25,000 on Aug. 11 even though it had two catalysts in the form of a “favorable” Consumer Price Index print and news that BlackRock — the world’s largest asset manager, overseeing over $10 trillion in total assets — had launched a spot Bitcoin investment product. In comparison, Ether (ETH) has managed to hold on to its recent gains on news that the Goerli testnet had successfully activated proof-of-stake, clearing the path for Ethereum’s mainnet transition planned for Sept. 15 or 16. Data from Santiment shows that Ether whale transactions have increased along with possible whale accumulation. Daily cryptocurrency market performance. Source: Coin360 However, analysts remain divided about the prospects of the current rec...
Bitcoin likely to transition to a risk-off asset in H2 2022, says Bloomberg analyst
Bitcoin is likely to transition from a risk-on to a risk-off asset in the second half of 2022, as the macroeconomic environment is rapidly shifting towards a recession, said Mike McGlone, senior commodity strategist at Bloomberg, in a recent interview with Cointelegraph. McGlone predicted: “ I see it transitioning to be more of a risk-off asset like bonds and gold, then less of a risk-on asset like the stock market.” According to the analyst, the crypto market has flushed out most of the speculative excesses that marked 2021 and it is now ripe for a fresh rally. McGlone also pointed out that the Fed’s aggressive hiking of interest rates will lead the global economy to a deflationary recession, which will ultimately favor Bitcoin: “I fully expect we’re going to have a prett...
Top 5 cryptocurrencies to watch this week: BTC, FLOW, THETA, QNT, MKR
The United States jobs data on Aug. 5 was above market expectations, indicating that inflation has not cooled down. The strong numbers reduce the possibility that the U.S. Federal Reserve will slow down its aggressive pace of rate hikes. After the release, the likelihood of a 75 basis points hike in September has risen to 68%, according to CME Group data. However, analysts at Fundstrat Global Advisors have a different view. They highlighted that three out of six times, the S&P 500 bottomed out six months before the Fed’s last rate hike. Therefore, the firm anticipates the S&P 500 to witness a strong rally to 4,800 in the second half of the year. Crypto market data daily view. Source: Coin360 If the tight correlation between the equities markets and the cryptocurrency markets mainta...
Price analysis 8/5: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
The United States Labor market added 528,000 jobs in July, much better than the 258,000 estimate. Wages saw growth of 5.2% year-over-year and 0.5% over the month. This suggests that inflation remains high and the U.S. Federal Reserve may continue with its rate hikes in the near future. After staying in close correlation with the U.S. equities markets for the past several months, the crypto space could be ready to chalk out a new course. Bloomberg Intelligence senior commodity strategist Mike McGlone and senior market structure analyst Jamie Coutts said in a recent report that Bitcoin (BTC) has started base building similar to the one seen near $5,000 in 2018–2019. They expect the recovery to decouple from stocks and behave more like U.S. “Treasury bonds or gold.” Daily cryptocu...
Interview with Kevin O’Leary: $28K Bitcoin next or lower? | Market Talks with Crypto Jebb
With the price of Bitcoin (BTC) holding above $22,000, more and more market players are turning bullish again. Does this mean that we could see BTC go to $28,000 in the short term or will it fall below its current levels? Join us as we discuss this and other topics with Crypto Jebb and Mr. Wonderful, himself, Kevin O’Leary. In this week’s episode of Market Talks, we welcome businessman, entrepreneur, author, winemaker and television presenter, Mr. Kevin O’Leary. O’Leary, best known as the shark on the hit reality TV show Shark Tank, is the chairman of O’Shares Investments and a strategic investor in WonderFi. Mr. O’Leary’s success story starts where most entrepreneurs begin — with a big idea and zero cash. The main topic of discussion on the show is whether BTC will go as high as $28...
Top 5 cryptocurrencies to watch this week: BTC, BNB, UNI, FIL, THETA
Bitcoin (BTC) has made a strong comeback in the month of July and is on track for its best monthly gains since October 2021. The sharp recovery in Bitcoin and several altcoins pushed the Crypto Fear and Greed Index to 42/100 on July 30, its highest level since April 6. Investors seem to be making the most of the depressed levels in Bitcoin. Data from on-chain analytics firm Glassnode shows that Bitcoin in exchange wallets has dropped to 2.4 million Bitcoin in July, down from the March 2020 levels of 3.15 million Bitcoin. This has sent the metric to its lowest level since July 2018. Crypto market data daily view. Source: Coin360 Bloomberg Intelligence senior commodity strategist Mike McGlone highlighted that the United States Federal Reserve’s indication to consider rate hikes on a “meeting...
Price analysis 7/29: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) hit a six-week high above $24,000 on July 29, extending its rally that picked up momentum after the United States Federal Reserve hiked rates by 75 basis points on July 27. If the rally sustains for the next two days, Bitcoin could be on target to close the month of July with gains of more than 20%, according to data from Coinglass. It is not only the crypto markets that have seen a post-Federal Open Market Committee (FOMC) rally. The U.S. equities markets are on track for big monthly gains in July. The S&P 500 and the Nasdaq Composite are up about 8.8% and 12% in July, on track to their best monthly gains since November 2020. Daily cryptocurrency market performance. Source: Coin360 The crypto and equities markets have risen in the expectation that the pace of rate hikes ...
Price analysis 7/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) and most major altcoins are witnessing profit-booking on July 25 as the bulls scale back their positions before the Federal Open Market Committee meeting on July 26 through July 27. This indicates that the sentiment remains fragile and that bulls are not confident about carrying long positions into the event. Several analysts have retained their bearish view after Bitcoin failed to sustain above the 200-week moving average at $22,780. CryptoQuant contributor Venturefounder expects the selling to resume and Bitcoin to fall as low as $14,000 before a macro bottom is confirmed. Daily cryptocurrency market performance. Source: Coin360 The institutional investors seem to be absent from the markets and the recovery is being driven by the retail investors. Data from on-chain analyti...
