Full Crypto Recovery


Bitcoin jumped 8.5% to $23,300 on Tuesday, posting a 20.8% gain over the past seven days. Ethereum is trading around $1570 on Wednesday morning, adding 3.4% in 24 hours and an impressive 49% for the week.

Top altcoins are also rising well, adding between 3.9% (Polygon) and 11% (Cardano) for the day. The total crypto market cap, according to CoinMarketCap, rose 4.7% overnight to $1.067 billion. Bitcoin posted its highest gains in a month on Tuesday thanks to a rebound in US stock indices and a weaker dollar.

BTC has been testing highs since June 13 near $23,700, and on Wednesday it is trying to consolidate above its 50-day moving average. The momentum near this line has often acted as a reliable mid-term trend indicator.

Only a strong buy above this level can serve as an indicator of a firm reversal in the next few days. If the bullish momentum stops, as it did in February and March of this year, we should be bracing for a big uptick in selling. BTCUSD also broke above the 200-week average during the latest wave of growth, but a fixation above this level at the end of the week should be considered a reliable signal.

The cryptocurrency’s Fear & Greed Index climbed to 31 on Wednesday after more than two months in “extreme fear” territory. After waves of capitulation in May-June 2022, bitcoin prices have been below the realized price for a month now. Other signals of a potential bottom formation also emerged, Glassnode notes. CryptoQuant, the research firm, has warned investors that further selling of BTC miners in a falling market could lead to price pressure.

This article was written by Alex Kuptsikevich, Senior Market Analyst at FxPro.

This article was written by FxPro FXPro at www.forexlive.com.


cnbctv18-forexlive-benzinga

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button