Bitcoin and select altcoins are starting to recover, but selling at the top of each price breakout suggests that bears remain in control.
Price analysis 8/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
After weeks of low volatility, Bitcoin bulls are trying to make a comeback, but the rise in the U.S. Dollar Index may limit the upside recovery.
Price analysis 8/7: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
Bitcoin’s failure to rebound off strong support may open further downside, as bears may be tempted to sell.
Price analysis 7/31: SPX, DXY, BTC, ETH, XRP, BNB, ADA, DOGE, SOL, LTC
Bitcoin’s record low volatility is also a sign that the next price breakout will be volatile, but everyone is guessing which direction price will take and how it will impact altcoins.
Price analysis 7/24: SPX, DXY, BTC, ETH, XRP, BNB, ADA, DOGE, SOL, MATIC
Bitcoin is at the pivotal 50-day SMA support and a drop below this level could result in accelerated selling in BTC and altcoins.
Price analysis 7/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, ADA, DOGE, MATIC
Bitcoin bulls have failed to step in, increasing the chance for a retest of the $29,500 support.
Price analysis 7/10: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
The weakness in the U.S. Dollar Index bodes well for Bitcoin and altcoins in the near term.
Price analysis 7/3: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
The bulls are trying to nudge Bitcoin above the critical resistance of $31,000, which may start a broad-based crypto rally.
Price analysis 6/26: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
An onslaught of Bitcoin ETF applications could help BTC price find long-lasting support at the $30,000 level.
Price analysis 6/19: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, LTC
The strength in the S&P 500 and weakness in the U.S. Dollar Index could limit the short-term downside in Bitcoin and select altcoins.
Hawkish Fed, stocks market rally, and crypto falling behind
Cointelegraph analyst and writer Marcel Pechman explains why the cryptocurrency market has been falling behind the stock market after the Fed’s hawkish stance.
Price analysis 6/12: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
Market observers will closely watch the United States CPI data and the Fed’s policy decision to provide direction to the stock and crypto markets.
Price analysis 6/5: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
Bitcoin and several altcoins took a beating on reports that the SEC filed a suit against Binance in U.S. district court.
Price analysis 5/29: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
The news of a tentative debt ceiling deal bolstered Bitcoin’s price above $28,000, but higher levels continue to attract selling from the bears.
Why have Bitcoin and crypto lost 60% of their market cap since their all-time highs?
Cointelegraph analyst and writer Marcel Pechman explains why the cryptocurrency market has lost 60% of its market cap, with the S&P 500 only about 15% from its all-time high.
Price analysis 5/22: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
Bitcoin’s tight-range trading suggests that traders are content to wait for a catalyst to start the next trending move.
Price analysis 5/15: SPX, DXY, BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC
The debt ceiling talks remain in focus and are likely to dictate the price action in the S&P 500, DXY and cryptocurrency markets in the near term.
Bitcoin Up After Fed Rate Reveal, Correlation With Stocks Over?
Bitcoin has surged above the $29,000 mark following the Fed rate hike of 25 bps, a sign that the asset may be decoupling from the stocks.
Bitcoin Has Jumped Despite Fed Interest Rate Hike Announcement
According to the on-chain analytics firm Santiment, the cryptocurrency market has shown some promising rise potential since the rate hike announcement has gone live.
In the past year, the US Federal Reserve System (“Fed”) interest rate hikes have generally been met with panic in the market, as coins like Bitcoin and Ethereum have suffered significant hits to their prices following them.
This has been because the sector has experienced a high correlation with the US stocks during this period, meaning that the prices of the assets in the two sectors have been moving in a similar fashion.
Recently, however, things have been changing for the better, as the cryptocurrency and stock markets have become increasingly separated. The initial reaction in the prices of assets like Bitcoin and Ethereum to the latest announcement has also been a positive indication of this.
Here is the comparison between BTC, ETH, and S&P 500 that Santiment posted one hour after the FOMC meeting:
As displayed in the above graph, S&P 500 fell shortly after the rate hike, while BTC and ETH remained steady, showing the disconnection between the two sectors.
Both Bitcoin and Ethereum have risen in the hours since then, breaking the $29,000 and $1,900 levels, respectively. This could be a sign that investors are at ease now that the meeting is behind them.
“At least for now, it seems that the initial reaction to this interest rate hike was: “At least it’s over with now. Crypto no longer needs to worry about fiscal policy until June,” notes Santiment.
On-chain data also shows that the trading volumes of the top cryptocurrencies by market cap have trended up since the meeting, an indication that activity has been increasing in the sector.
Another indicator, the “active addresses,” which measures the daily total number of unique addresses that are taking part in some transaction activity on the Bitcoin blockchain, has also observed a surge following this Federal Open Market Committee (FOMC) meeting day, as the below chart highlights.
This metric provides an estimation of the total number of unique users that are using the network right now, so its value going up suggests a high amount of traffic has visited the chain during the past day.
The latest spike in the Bitcoin active addresses is the highest seen in the last two weeks, with the one from two weeks ago being mostly due to a sharp plunge in the price.
“This rally seemed to be much more related to the rate hike finally being official, and you can see how active addresses pushed even higher directly after the announcement,” explains the on-chain analytics firm.
BTC Price
At the time of writing, Bitcoin is trading around $29,200, up 1% in the last week.
Price analysis 5/1: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL
Bitcoin and most major altcoins are witnessing aggressive selling at higher levels, indicating that the bears are trying to make a comeback.
Price analysis 4/24: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL
Bitcoin and select altcoins are at risk of falling below their respective support levels and starting a deeper correction.