February 6, 2023

Analyst says hesitation in Bitcoin (BTC) trading could signal the return of 'good times'

Analyst says hesitation in Bitcoin (BTC) trading could signal the return of ‘good times’

Major currencies were trading lower on Tuesday evening as the global cryptocurrency market cap fell 0.5% to $1.07 trillion at the time of writing.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar -2% 7.7% $22841.31
Ethereum ETH / USD -2% 11.3% 1,609.74 USD
Dogecoin DOGE / USD -2% 7.6% 0.07 dollars

Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
Lido Dao (I am doing) + 12.5% 2.3 dollars
Kronos (CRO) + 6.6% $0.15
Oasis Network (Has risen) + 9.1% 0.09 dollars

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why does it matter: Risky assets were seen in negative territory on Tuesday evening, with two of the biggest cryptocurrencies in the red. The S&P 500 and Nasdaq indexes closed 0.7% and 0.2% lower, respectively. Their futures were pretty much flat at the time of writing.

The third consecutive daily decline of Bitcoin may be an indication that the “recovery momentum is waning,” he wrote Craig Erlama senior market analyst at OANDA.

Ultimately, he said, his move will likely depend on inflation, the Federal Reserve and any troubling news.

“The indecision may be a sign that traders lack confidence that this is a bottom and that the beginning of the good times is back.”

One of the important news that may have an impact on the price of Bitcoin director From Michael Saylor As CEO of a company MicroStrategy Incorporated MSTR The American company with the largest Bitcoin contract.

Saylor will continue at MicroStrategy as CEO, as he says the switch will allow him to focus on the company’s Bitcoin acquisition strategy, while at the helm of the company. Fung Lo Take charge.

The company on Tuesday disclosed an impairment charge of nearly $918 million on bitcoin treasury reserves during the second quarter as the price of the major currency fell during that period.

the visit Speaker of the US House of Representatives Nancy Pelosi To Taiwan spurs risk aversion, which in turn has sent the dollar index up, which is up 0.24% on the day at 106.49, at the time of writing.

Cryptocurrency Dealer Justin Bennett He said crypto bulls will want the dollar to drop from intraday lows of 105.05 to a “103 reveal.”

“Tough times for risky assets while this is the case,” Bennett said on Twitter.

Bitcoin is testing resistance, according to a cartographer Ali Martinez A “clean close” above $23,530 would allow a retest of the $24,400 supply area.

On the Ethereum side, transaction fees remain “extremely low” even as the price of the second-largest cryptocurrency has risen since mid-June, Santiment said.

“Low distribution has played a big role in lower costs, and fees are expected to remain even to a reasonable degree [FOMO] The market intelligence platform said in a tweet on Twitter.

At press time, the average Ethereum transaction fee is $0.0014, or $2.28, according to data from BitInfoCharts.

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