Bitcoin, Ethereum, Dogecoin Recover Thanks To 'Dip Buying' And Seller Exhaustion — Analyst Says Watch Out For These Two Key Levels Says This Analyst

Bitcoin, Ethereum and Dogecoin Recover Thanks to ‘Low Buying’ and Seller Fatigue – Analyst Says Watch Out for These Two Major Levels This Analyst Says – Bitcoin – US Dollar ($BTC)



Major currencies traded higher on Tuesday evening as the global cryptocurrency market cap rose 1.9% to $1.8 trillion.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin (CRYPTO: BTC) 2.4% -14.3% $38171.80
Ethereum (CRYPTO: ETH) 1.1% -17.4% USD 2628.45
Dogecoin (CRYPTO: dog) 1.3% -13.4% $0.13
Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
Anchor Protocol (African National Congress Party) + 19% $2.88
hydra (squid) + 13.8% $0.23
Arrow (EN) + 10% $26.90

See also: How to buy Bitcoin (BTC)

Why are you moving? Cryptocurrencies rose along with stock futures on Monday evening. The S&P and Nasdaq futures were seen trading 0.54% and 0.78% higher at 4,323.25 and 13,969.75, respectively, at press time.

Fear has not abated in the cryptocurrency markets. Flashing the “Fear and Greed Index” by the “Extreme Fear” variant; The indicator was pointing to “Neutral” last week.

Edward MoyaA senior market analyst at OANDA, attributed the surge in cryptocurrency to a “buy dip” and seller fatigue

“Bitcoin has been perilously approaching the lows seen after losing more than half of its value in January. Cryptocurrency remains a risky asset, and the escalation between Russia and Ukraine is likely to drive up volatility with swings of up to 20% in either direction. “.

Moya pointed out that both the current monetary tightening, Russia and Ukraine geopolitical tensions “They are closed from being priced.”

“This crypto winter has been tough but it could end once we get past the first rate hike by the Fed.”

Cryptocurrency Dealer Justin Bennett He tweeted that the major coin needs to recover the $38,600 and $39,600 levels. He said there was a “good chance” that Tuesday was the lowest for the next few weeks.

Cross-chain analytics firm Glassnode noted in a newsletter that the The hallmark of bear markets It is the lack of activity on the chain. The company said that Bitcoin activity on the chain this week is “weakening at the lower end of the bearish market channel, which cannot be interpreted as a signal of increased interest and demand for the asset.”

Bitcoin – Number of Active Entities, Glassnode’s Source

Glassnode said the total volume of coin supply held at an unrealized loss is now higher than it was during the May-July 2021 time frame, but is only half as severe as the 2018 and March 2020 bear markets.

Currently, 28.7% of the sovereign supply, or 4.70 million Bitcoin (about $178.9 billion) is “underwater,” according to Glassnode, which is “a headwind” for the bulls for a strong market rebound.

Bitcoin – Long and Short Term Bearer Offer at Loss – Glassnode مصدر Source

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