Bitcoin, Ethereum, Dogecoin Start Week Lower: Analyst Says 'Most Will Exit Right Before Life Buy' - Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD )

Bitcoin, Ethereum, Dogecoin Start Week Lower: Analyst Says ‘Most Will Exit Right Before Life Buy’ – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD )

Bitcoin and Ethereum were trading in the red late Monday as the global cryptocurrency market capitalization fell 1.5% to $818.6 billion as of 8:22 p.m. EST.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD -1.1% 1.9% $16,182.89
Ethereum ETH/USD -1.7% 5.3% $1,166.97
Dogecoin DOGE/USD -2.5% -26.4% $0.09
Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Phantom (FTM) +7.9% $0.20
ApeCoin (MONKEY) +8.1% $4.10
Chain link (LINK) +5.7% $7.21

See also: Moomoo Vs. Robinhood – Which Is Best For You?

Why is this important: Risky assets, including cryptocurrencies, were under pressure on Monday following the COVID-19-fueled unrest in China. The S&P 500 and Nasdaq ended down 1.5% and 1.6% intraday. US stock futures were flat at the time of writing.

Investors will keep an eye on the Federal Reserve Chairman’s speech Jerome Powell Wednesday. Next U.S. central bank rate decision expected at December 13-14 meeting Federal Free Market Committee.

On Monday, the cryptocurrency lender BlockFi filed for bankruptcy as the aftermath of FTX’s collapse continues to reverberate.

“Bitcoin remains under pressure despite a slight recovery last week.

Cryptocurrencies are still suffering from the fallout from the FTX collapse and the still unknown extent of the contagion,” said Craig Erlam, senior market analyst at OANDA.

“The fact that risk appetite is low today won’t help either and bitcoin is down around 2% as a result and not far off $16,000. Although it is apparently trying to form a base around $15,500-$17,000, that may be easier said than done in this environment,” Erlam said, in a note, seen by Benzinga.

As the market waits for clarity, BTC volatility has contracted, said digital delphi, citing a metric known as the Bollinger Bandwidth percentile.

The market news platform said in a note that BBWP hit 3.57 amid the FTX crash from November 5-10, a time when the price of BTC fell by more than 27%.

“The last four similar movements of the indicator resulted in one upward movement of 46% and three downward movements of -35% on average. Such a downward movement from current price levels brings BTC to $10.5,000,” Delphi Digital said.

BTC Price on Bitfinex and BBWP since November 2022 – Courtesy of Delphi Digital

The BBWP is a second-order derivative of the Bollinger Bands, a volatility-based indicator comprising three lines, the middle line being the 20-day simple moving average and the upper and lower lines being two standard deviations apart.

glass knot said the FTX fallout “triggered one of the biggest sellout events in Bitcoin history.”

“This selloff has seen significant statistical deviations outside of the average on investor losses. The current unrealized loss held by actively traded coin supply is effectively at an all-time low, rivaling only pico- bottom of the 2015 and 2018 bear cycles,” the on-chain analytics firm said.

Bitcoin: Sum of realized losses over 7 days — Courtesy of Glassnode

Glassnode said November was the fourth biggest sellout event on record with a 7-day realized loss of $10.16 billion.

“This is 4.0x larger than the December 2018 peak and 2.2x larger than March 2020.”

Meanwhile, traders are signaling an accumulation opportunity. Michael van de Poppe said that the total market capitalization of the altcoin is at the all-time high of 2017. “It is also on the support. Not the worst place to look for entries on your investment bags”

Justin Bennett stated that “most will leave just before the purchase of a life, which is approaching.” The cryptocurrency trader told his Twitter followers that “patience pays off.”

On the whale front, 47,888 BTC has been accumulated in the past 5 days, market intelligence platform Santiment said. This comes after Bitcoin whales spent 13 months shedding their accumulated holdings as the price of the apex coin fell.

Read more : Crypto analyst who predicted Bitcoin’s collapse sets new price target: “When it drops below 16k…”

#Bitcoin #Ethereum #Dogecoin #Start #Week #Analyst #Exit #Life #Buy #Bitcoin #BTCUSD #Ethereum #ETHUSD #Dogecoin #DOGEUSD

Leave a Comment

Your email address will not be published. Required fields are marked *