Buy Bitcoin Hot Matches
Is Crypto Winter Turning to Spring
Since the beginning of 2023, Bitcoin has been increasing. By market capitalization, the first and biggest cryptocurrency in the world was last trading for almost $21,000, up a startling 27% on the month.
With 15 days left in the month, that means Bitcoin is on track to post its largest monthly increase since October 2021.
Because of the recent increase, Alternative. I’s well-known Bitcoin fear and greed index climbed out of “fear” over the weekend, reaching 52 before falling back to 45 on Monday.
It had been in “fear” since April 2022.
Bears on social media have expressed their typical anticipated skepticism over the most recent bounce, with many of them labeling Bitcoin’s most recent comeback as a “bull trap.”
In fairness, the strategy for 2022 called for selling rallies.
However, 2022 will be quite different from 2023.
The year 2022 was notable for two things:
1) significant increases in inflation in important international markets including the US and Europe; and
2) swift rate increases from institutions like the US Federal Reserve and the European Central Bank.
According to the most recent changes in economic statistics, especially in the US, 2023 is far more likely to be a year of unexpectedly low inflation and lowered expectations for Fed tightening.
Because of this, the most recent Bitcoin rise seems unique. Since the beginning of 2022, investors have been more upbeat about Bitcoin’s six-month performance prognosis, according to a frequently watched options market indicator.
For the first time in a year, Bitcoin’s 180-day call-put skew returned to positive territory on Monday, according to Amberdata, a company that analyzes data on cryptocurrency derivatives.
As a result, bullish cash options with a six-month expiration date now cost more than bearish put options with the same expiration date.
In a recent email to customers, Mark Connors, head of research at 3iQ, stated, “We perceive the present surge in digital assets as a market reversal and NOT a bad market rally.”
Connors pointed out that recent Fed members’ less pessimistic rhetoric shows that the severe decline in the money supply of 2022 may be coming to a stop.
What does the indicator suggest?
The assumption that the crypto winter may finally be over is also supported by other frequently used technical indicators.
First off, for the first time since December 2021, Bitcoin has decisively broken back north of its 200-Day Moving Average.
Bitcoin bulls are hopeful that January’s bullish 200DMA breach might herald the beginning of a new bull market.
Much as April 2021’s unsuccessful attempt to get back above the 200DMA ended up as a crucial market turning point (Bitcoin would go on to collapse another 67% in 2022).
Glassnode claims that since market experts pay such close attention to the 200-day SMA when it is successfully violated, it tends to have a substantial impact on investor psychology.
It is frequently regarded as the minimal macro bull/bear threshold level.
In the meantime, Bitcoin’s most recent gain has also brought it back to the north of its Realized Price for the first time since early November, which, according to Glassnode, was most recently at about $19,700.
The ordinary Bitcoin owner is therefore holding an unrealized profit and is “under a lesser degree of severe financial hardship.”
Bitcoin and Ethereum Price Prediction
The volatility of the cryptocurrency market has never been higher as the values of Bitcoin and Ethereum keep rising.
Investors are seeking a trustworthy approach to forecasting these price swings in light of Shiba Inu’s meteoric growth and the way it has taken the globe by storm.
During the European session, Shiba Inu rose noticeably, climbing by more than 20% to a high of $0.0000129. This enthusiasm, however, was brief as it quickly returned to its initial price of $0.000011.
With a $29 billion trading volume, the price of Bitcoin has decreased by 1.50% in the previous 24 hours to $20,937. The predicted value of Bitcoin has not changed since the original projection on January 17th.
The digital currency failed to cross the $21,400 barrier and dropped below the $20,000 level. If the price of Bitcoin stays below $21,400, it may indicate that buyers have run out of steam and that sellers are about to enter the market.
This is a negative indicator.
Investors may also foresee a bearish correction in BTC since the RSI and the MACD are both overbought. Doji candles that close slightly below this level can also suggest an impending downward trend.
The immediate support level for Bitcoin is $20,800, and a break below it might trigger more selling down to the $20,000 level.
Below this point, there may be further selling until the price reaches about $19,250. Additionally, a surge in demand might cause Bitcoin to surpass the $21,400 threshold and reach the $22,850 mark.
The previous 24 hours have seen $10 billion worth of trade volume for Ethereum, which is presently trading at $1,549.
Sadly, it has lost 1.50% of its value over this time, but it is still rather robust, ranking second on CoinMarketCap with a market worth of $189 billion. The
Ethereum has been unable to break through the $1600 double-top resistance zone, which has caused a surge in selling pressure that has driven its value down to $1,500.
Bitcoin is going through a similar predicament.
At $1,500, Ethereum has the most immediate support. If this level is broken, selling pressure might increase until it reaches $1,440, which is based on its 38.2% Fibonacci retracement.
ETH may be at risk of falling to a much lower level of $1,350 if this is also violated.
A rise to $1,660, which serves as a resistance level, is expected if $1,500 is used as the underlying support level.
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Meta Masters Guild
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