Posted on

Bye-Bye Bitcoin Bear

No investor or financial advisor has a crystal ball that can predict the movement of an asset, including bitcoin, with total certainty. But past bitcoin halvings can provide clues on what we could potentially expect.

Posted on

Losses Dominate Crypto Over The Weekend, Has The Bear Market Returned?

The crypto market was hit hard during the weekend as prices from Bitcoin to altcoins fell rapidly. During this time, there was also a decline in the trading volume and momentum in the market, which was partly responsible for the losses recorded. Now, with the new week, there is still a lot of skepticism in the market as Bitcoin’s decline below $30,000 could mean that the bear market is back in full force.

Crypto Fear & Greed Index Remains Neutral

One thing that highlights how investors are feeling when it comes to the market is the Crypto Fear & Greed Index. This index takes into account things such as social media sentiment, market momentum, volatility, etc, and with this, it provides a score based on a 1-100 scale.

Now, on this index, 1-25 marks extreme fear, which is when investors are very wary of the market. 26-50 is the fear territory but with less wariness from investors. 51-75 is greed, a region that shows investors are more likely to invest in the market. And finally, 76-100 is extreme greed when the euphoria is the highest in the market, usually seen in bull markets.

However, the 48-52 levels are usually reserved for the ‘neutral’ level which is where the index currently sits. At this level, investors are usually reeling from a price surge or crash, and it shows an unwillingness to make any further moves until there is a better-defined movement in the market.

Crypto Fear & Greed Index

If the index continues to maintain its neutral territory, then the crypto market may see prices consolidate for a while until investors are confident enough again to start getting back into the market.

Could The Bear Market Be In Full Bloom?

Presently, the crypto market is still seeing sideways movement rather than a definite upward or downward movement. This only shows a lack of interest in the market right now and not a continuation of the bear trend of 2022.

Crypto total market cap chart from TradingView.com

Moreover, the total crypto market cap is still holding above $1 trillion which is a good sign for the market. Usually, a return to the bear market would see the total market cap fall below $1 trillion, and this would only happen if BTC were to fall below $20,000 once more.

Unless such a market cap is experienced, the current trend only signals a correction from the run-up to $30,000. Also, as long as BTC continues to maintain firmly above its 200-day moving average, the bull trend is still sustained on a long-term basis.

Posted on

These Top 5 Cryptos Open The Week With Big Losses – Will They Drop Lower?

After weeks of gains, the crypto market finally succumbed to the bears. According to CoinMarketCap, the total market cap of cryptos is at $1.12 trillion, a measly 0.22% increase from yesterday. Since the start of the week, the metric has gone down by 9%. 

This was largely caused by economic woes that plagued US equity markets. With stocks also experiencing meager gains, these cryptocurrencies are to be avoided, if you are an investor, as they bled the hardest as major cryptos dropped in value. 

As the markets continue to bleed, will these cryptos drop even lower?

Top 5 Cryptos Usher In The Week With Losses

CFX

As Ethereum experiences the biggest drop compared to its Bitcoin peer, Conflux followed the top altcoin in the market closely. According to CoinGecko, the token is down 23% since the past week, signaling to investors CFX’s losing week. 

Investors should be cautious of a bearish breakthrough on $0.2847 as it could bring the token back $0.1471. However, the bearish scenario might turn into a reality as CoinGlass data points to a robust bearish presence in the market. 

ARB 

As of writing, ARB is down nearly 21% in the same timeframe. Investors on the token are closely following the sentiment around Bitcoin and Ethereum, and with the two biggest cryptos experiencing pain, ARB is experiencing a magnified bearish sentiment. 

Investors and traders on ARB should be cautious about putting more money on the token. At press time, ARB’s current trajectory puts it on the path back toward $1.1930. If this comes to fruition, ARB bulls are left to defend this crucial support. 

APT 

Even with development strongly favoring Aptos continues, the token is not fairing well amid a bearish takeover. According to CoinGecko, APT itself is down nearly 20% in the weekly timeframe. 

Currently, the bears have $7.5088 support on their crosshairs. If APT continues its bearish price movement, a breakthrough on this support level might see the token drive even lower. CoinGlass data reveals, however, that this may be a reality for APT investors as short sellers outnumber long buyers significantly. 

SOL 

With Helium’s migration being completed in the background, SOL is following the general market freefall. Recent market data shows that the token has been down nearly 16% since last week. The token is currently correlated with ETH, which means the two cryptos follow each other very closely. 

At the moment, the token has stabilized below $21.60. If the bulls keep this strong defense up, we may see a rebound back to $23.29 in the coming days. If ETH doesn’t recover by then, we may see the token back at $20.20. 

FTM

Despite Fantoon making the leap for Fantom on AI, FTM still faced significant market headwinds. According to CoinGecko, the token is down nearly 21% since last week. It followed the general market freefall that pulled the entire crypto market downward. 

FTM might oscillate up and below the $0.4260 support in the short to medium term depending on the general market sentiment. Thus, this dependency on the general outlook of the crypto market could bring further pain. If the token’s price doesn’t stabilize on this support level, we might see a return to $0.3717. 

(This article is for educational and informational purposes only and should not be taken as financial or investment advice. Cryptocurrencies are highly volatile and speculative assets, and their values can fluctuate widely and rapidly)

Featured image from PublicDomainPictures/Pixabay

Posted on

Cronos (CRO) Up 4% In Last Week Amid Recession Fears

Crypto.com is one of the centralized exchanges that survived the market tribulations of 2022. Recent analysis done by CryptoCompare shows that the CEX had an average market share of 4.6% last year. Its native token Cronos, despite the challenges, was able to withstand the beating.

Although this is incredibly small compared to the big shots of the market, its mere survival could mean big things for its growth. 

CRO And Macroeconomic Trends

The crypto market saw its value drop sharply as the bear market gripped the broader financial market. With major crypto institutions collapsing and the crypto market learning the mistakes of the 2008 financial crash, the industry is ready for a new start this year. 

The Federal Open Market Committee (FOMC) Meeting Minutes that kicked off yesterday certainly had an effect on Cronos (CRO) as a whole. After dropping in price in the past days, the minutes gave new hope to investors as Cronos traded at $0.0597 and gained 2.4% in the past 24 hours. 

Major cryptocurrencies like Bitcoin and Ethereum also rose after news of a seemingly dovish macroeconomic stance by the U.S. Federal Reserve. 

This dovish stance can be a sign that the consumer price index (CPI) might be lower than that of November’s. A strong sign that the previous year’s interest hikes have a strong effect on managing the inflation problem. However, it remains to be seen whether it did lower or not. 

Investors Should Watch This Level…

Good macros aside, the central bank is still hawkish on the acceptance of crypto on the financial system. But with that said, the crypto market and the traditional financial space are increasingly intertwined with one another and with the International Monetary Fund pushing for regulation. 

Although the markets should anticipate the introduction of legislation, CRO investors should still focus on the macro trends that will have an effect on the market right now. Next week, the Fed is expected to release the CPI data that would have an effect on the markets. 

Meanwhile, investors and traders should watch a breakthrough on the current CRO resistance at $0.0607 which would be a bullish indicator of things to come.

But with the CPI data incoming, holding off any major decision could be the wisest choice to do. 

Monitoring how Bitcoin and Ethereum move will also be crucial. Even though Cronos correlation is low right now, major market movements made by these two top cryptos would determine where the entire cryptocurrency market might go. 

However, with the fears of a recession gripping the markets, gains higher than $0.0638 might be impossible for Cronos as investor sentiment is dampened.

As the situation unfolds, investors and traders will have an answer as to what to do with their Cronos holdings.

Posted on

Bitcoin Price Soars 5% In Last 7 Days – More Increase Coming This Week?

In recent days, Bitcoin has shown a good degree of bullishness. CoinGecko reports that Bitcoin’s price has increased on a daily and biweekly basis, suggesting that the market may be recovering from FTX’s fall. Investors at large were also optimistic.

The BTC bottom is still in effect, presenting excellent chances for long-term investment. There was little gains with hash ribbon despite the occurrence of a golden cross (chart below), as the price remained unchanged. Also, there is a 50/50 chance of a decline in the market to at least $16.950.

Dan Lim, an analyst at CryptoQuant, has made some recent comments that could signal the beginning of a bull market. First, he pointed out that Bitcoin’s MVRV value is extremely low, almost identical to previous market bottoms.

Next, the price of hash has not increased since the golden cross was supposed to be achieved, hence the hash ribbon has failed. Is BTC’s price about to stage a comeback? If not, is there more suffering in store?

Bitcoin Price: Inconsistent Numbers

The price of bitcoin (BTC) is now displaying highly inconsistent trends. As the RSI rises on the daily time frame, it appears to keep its strong bearish momentum.

The expanding Bollinger band supports the bullish outlook for the future. But the current BTC price candle, which is presently trading at $17,315.01, has met a resistance that has not been breached since the price fall on November 11. In addition, a rising triangle pattern contributes to a fairly restricted trading range.

Chart: TradingView

The token’s RSI is overbought, indicating that bearishness persists on shorter durations. Although the EMA ribbon appears to be sustaining an upward trend, a bearish crossover could occur within the next few hours or days.

As a potential trend reversal looms, BTC investors and traders should closely monitor the present market scenario. Following the recent price fluctuations, the MFI indicates a likely upcoming decline.

If the bearish reversal occurs, a decline to $16,970 is conceivable. Strong bearish momentum can drive the price closer to $16,660 or higher.

Mixed Opinions About Bitcoin

Bitcoin clearly has bullish characteristics. Bitcoin price has been up about 5% in the last week, and some analysts expect it will tally more increases in the coming days.

However, as miners and merchants continue to incur losses and reserve levels remain high, Bitcoin’s path remains challenged.

The next consumper price index (CPI) numbers that will be revealed on December 13 will determine whether or not macroeconomics will boost the price of Bitcoin.

BTC total market cap at $332 billion on the daily chart | Featured image: Unsplash, Chart: TradingView.com