Bitcoin, Ethereum, Dogecoin bounce higher – analyst says crypto ‘party could start’ this week – Bitcoin (BTC/USD)
Bitcoin and Ethereum were up on Sunday night as the global cryptocurrency market capitalization rose 2.2% to $943.75 billion by 9:00 PM EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 1.65% | 1.8% | $19,524.44 |
| Ethereum ETH/USD | 3.8% | 4.6% | $1,362.33 |
| Dogecoin DOGE/USD | 1.7% | 3.4% | $0.06 |
| Cryptocurrency | 24-hour change (+/-) | Price |
|---|---|---|
| Klaytn (CLAY) | +24.8% | $0.2 |
| Aave (AAVE) | +9% | $89.4 |
| Polygon (MATIC) | +8.3% | $0.90 |
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Why it matters: The top coin fell below the 19,000 mark on Friday, but regained the psychologically important mark later in the day.
The two largest coins by market capitalization appeared more surefooted as they entered the new trading week, amid a rise in broader risk assets. US stock futures were seen in the green at the time of writing – with the S&P 500 and Nasdaq futures up 0.5% and 0.75% respectively.
OANDA senior market analyst Edward Moya said a “massive bond market reversal” prevented a “massive wave of technical selling” in Bitcoin on Friday.
“Bitcoin was in trouble. If risk appetite can remain healthy, Bitcoin should continue to consolidate above the $19,000 level,” the analyst said in a note, seen by Benzinga.
Going into the new trading week, Alternative.me’s “Crypto Fear & Greed Index” recorded a marginal improvement in sentiment at 22 compared to 20 last week. The index continues to signal “Extreme Fear.”
A value of 0 on the index indicates “Extreme Fear,” while 100 represents “Extreme Greed.”
Michael van de Poppe said that Bitcoin is “still stuck” in a range and that the coming week – given the events – makes it “inevitable that we break out of the range.”
#Bitcoin still stuck in this area.
The coming week is big with all the events, which almost makes it inevitable that we will break out of the selection.
I look at this last resistance. It has to break, and then the party can start. pic.twitter.com/dsnyGFLdkt
— Michaël van de Poppe (@CryptoMichNL) 23 October 2022
The cryptocurrency trader said he is eyeing the “final resistance” at $19,591.51. He said, “It must be broken, and then the party can begin.”
Over the coming week, investors will be looking forward to the October manufacturing and services purchasing managers’ indexes. The coming week is also filled with quarterly earnings releases from big tech names.
Justin Bennett expect a “partial reversal” of Friday’s move in the coming week. The trader tweeted, “Seeing a lot of bullish rhetoric over Friday’s move, but markets didn’t break or pull back anything for the most part.”
GM fam.
Seeing a lot of bullish rhetoric over Friday’s move, but markets mostly didn’t break or pull back anything. Just watch $DXY.
I’m waiting for the markets to decide. But I wouldn’t be surprised to see at least a partial reversal of Friday’s move this week. pic.twitter.com/5lSRAfCJaS
— Justin Bennett (@JustinBennettFX) 22 October 2022
The Glassnode founders Jan and Yann said in a recent tweet that Bitcoin is “sensitive to incoming data and the macro environment.”
They said: “Demand is low and there is no clear direction in the market. A big move is imminent.”
#Bitcoin intraday volatility increased, but realized volatility is significantly low. #BTC is sensitive to incoming data and the macro environment.
Demand is low and there is no clear direction in the market. A big move is imminent
Full analysis pic.twitter.com/1MM3xBg5ys— Negentropic (@Negentropic_) 21 October 2022
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