BITCOIN ON FEBRUARY 21 – BTC RESERVES ON COINBASE IN FREE FALL SINCE 2020
BITCOIN PRICE FORMS A RANGE ABOVE $50,000 For several days, the price has been forming a range . Indeed, BTC oscillates between support at $50,500 and resistance at $52,500 . This is a range within a dynamic with ascending lows and highs :
ETHEREUM FEBRUARY 19 – LANDING AT $3,000 FOR THE ETH ROCKET?
ETHEREUM PRICE IS STRONG ON A WEEKLY BASIS ETH closed the week well above $2,700 . Therefore, this allows the price to continue a third week in a row in the green . Also, ETH continues its momentum with rising lows and highs, and the price is moving above the level at $2,800 :
BITCOIN AND CRYPTOCURRENCIES ARE IN GOOD SHAPE, SOON THE BULL RUN? CRYPTO ANALYSIS
The cryptocurrency market has been doing quite well in recent days, with bitcoin and ethereum having reached $52,000 and $2,800 respectively. Pretty good, right? However, nothing is yet decided for the market despite the numerous resistances having been overcome. In this crypto update of the weekend, let's take a look back at the week that has just gone by. Without further ado, let's head to TradingView to begin the analysis.
DESTROY BITCOIN AND ETHEREUM? IMPOSSIBLE ACCORDING TO THIS COINMETRICS REPORT
Are Bitcoin and Ethereum in danger? Since the emergence of the Internet, many researchers have attempted to create virtual currencies. However, everyone faces the problem of double spending . For his part, Satoshi Nakamoto elegantly got around this problem via proof of work . However, the fear of a 51% attack persists. So, a group of researchers recently sought to quantify the cost of such an attack to see if it would be viable.
ETHEREUM ON FEBRUARY 16 – WILL ETH EXPLODE ABOVE $3,000?
Since the break of the bearish trendline , the price of ETH breaks the various resistances on its path and explodes upwards . Now, the price is trading above the $2,700 zone . The price has the possibility of rebounding at the level of the upwardly oriented moving averages 9 and 18 :
BUYERS MUST CONTINUE TO DEFEND INSTITUTIONAL BIAS ON BTC At the moment, the BTC price is in an upward dynamic with ascending lows and highs. Also, all returns at the institutional bias level (EMA 9/EMA 18) bullish are bought by buyers:
BITCOIN ON FEBRUARY 14 – A BREAK AND BTC ALREADY FINDS $50,000
BITCOIN PRICE MUST BREAK RESISTANCE AT $50,500 Yesterday, BTC experienced a slight decline which brought the price close to $48,000 . However, in the 4H time unit, the price continues to show momentum with rising lows and highs :
BITCOIN ON FEBRUARY 13 – CAPITAL FLOWS INTO BTC WHICH EXCEEDS $50,000
BITCOIN PRICE MUST BREAK AWAY FROM RESISTANCE AT $50,500 BTC is back at the psychological round number level of $50,000 , and at the resistance level at $50,500 . Buyers must continue to push to separate themselves from this resistance . Indeed, in the event of a breakout, strong volatility could arise:
Buyers responded to the bullish institutional bias (EMA 9/EMA 18) located around the support at $42,000 . Since $42,000 , the price has increased by around 15% . The weekly close was above resistance at $47,000 :
BITCOIN PRICE BREAKS $46,000 AND JOINS RESISTANCE AT $47,500 Since the bullish exit from the contraction (yellow triangle), the price has experienced a significant increase exceeding 10% . The price broke the resistance at $44,000 , then that at $46,000 to reach $47,500 :
BITCOIN ON FEBRUARY 10 – BTC IS INSTALLED ON ITS THRONE (+ 10%)
Data from The Block site shows that Bitcoin is the king of cryptocurrencies . It shows an increase of 100% in the space of 12 months and significantly outperforms Ethereum and DeFi altcoins (UNI, AAVE, MKR, CRV, etc.). Indeed, ETH is up 50% , and the DeFi sector shows a slight increase over twelve months (+ 5%) . Capital flows primarily to BTC, then to large-cap altcoins like Ethereum or Solana. Generally speaking, capital tends to flow towards large-cap assets first, and then towards lower-cap altcoins.
ARE SOLANA AND ALTCOINS READY FOR A NEW BULLISH WAVE?
Despite the selling pressure in place for several weeks on the capitalization of altcoins, buyers defended the support at $750 billion . Indeed, all returns at the level of the bullish institutional bias (EMA 9/EMA 18) were bought by operators:
BITCOIN ON FEBRUARY 7 – WILL BTC BE BULLISH UNTIL HALVING?
In 4H, the price evolves within a range located between the lower limit at $40,500, and the upper limit at $44,000 . For several weeks, the price has even been trading between two tighter limits . Indeed, the price moves between support at $42,000 and resistance at $44,000 :
BITCOIN ON FEBRUARY 6 – CAPITAL IS HEADING TOWARDS BTC AGAIN (+700M)
BTC has been moving for several months in a range between $44,000 and $40,500 . The bulls have tried to break this range, the bears too, but both camps have failed for the moment. For several days, the price has been oscillating between resistance at $44,000 and support at $42,000 :
The two behemoths of the cryptocurrency market have been moving within a range for several weeks . If BTC is stuck between $40,500 and $44,000 , ETH moves between support at $2,100 and resistance at $2,400 :
BITCOIN HOLDS $40,000, WILL ALTCOINS FOLLOW THE TREND? CRYPTO ANALYSIS
Last week, altcoin capitalization fell below support at $750 billion , but buyers responded. The price resumed at the level of the bullish institutional bias (EMA 9/EMA 18) :
In the event of rejection , the buyers will once again have to defend the $42,000 . This is to avoid a fall towards $40,500 . On the other hand, if the resistance at $44,000 gives way, the price could find the resistance at $46,000 . This would allow you to get out of the range between $40,500 and $44,000 . The RSI must find ascending lows and highs above the bullish trendline . This would allow buyers to maintain momentum . According to the MVRV Z-Score indicator, the king of cryptocurrencies is in a rising phase which could end when the indicator overheats. This indicates that, despite the increase experienced in 2023, BTC is not overvalued as during a bull run. In 4H, the price bounced off the support at $42,000. A return to $44,000 is now possible. Whatever happens, the king of cryptocurrencies remains stuck in his range for the moment. Could altcoins benefit from this?