Tag: Analysis

Bitcoin and select cryptocurrencies are trying to start a rebound following the CPI data release but bulls may find it difficult to continue the recovery at higher levels. The United States consumer price index rose 4.9% annually, which was slightly less than estimates of a 5% increase. The CPI’s monthly rise of 0.4% in April was in line with expectations. Although inflation remains stubbornly higher than the Federal Reserve’s 2% target range, traders will take comfort from the slower pace of increase. That suggests the Fed rate hikes are having…

Ether has broken out of its triangle, and that may pull the Bitcoin price above $30,000. Confidence in the United States financial system seems to be eroding fast, with investors trying to find the next weakest link that is about to collapse. Bill Ackman, CEO of hedge fund management firm Pershing Square, cautioned that time was running out to fix the problem. The U.S. equities markets have become vulnerable to adverse news on the regional banks, as seen from the sell-off in the past three days. Compared to that, Bitcoin…

Bitcoin and select altcoins are showing a continuation pattern, indicating indecision among the bulls and the bears. Investors seem to have priced in a 25 basis points rate hike by the United States Federal Reserve on May 3. Next, they will look for clues on the Fed’s actions for the rest of the year. Will the Fed maintain its hawkish stance as inflation still remains well above its target range or will the bank troubles and the looming recession make the central bank signal a pause in its rate hikes?…

Bitcoin and select altcoins continue to face selling at higher levels, a sign that the bears have not yet given up. The cryptocurrency market witnessed sharp volatility on April 26 on rumors that large sums of Bitcoin (BTC) were on the move from the wallets linked to the defunct cryptocurrency exchange Mt. Gox and the United States government. A minor positive is that Bitcoin and select altcoins held their respective support levels. After Bitcoin’s sharp rally in 2023, some traders seem to be planning to book profits. Coinglass reported that…

Bitcoin and select altcoins have fallen below their respective support levels — a worrying sign that the bulls could be losing their grip. Bitcoin (BTC) and most major cryptocurrencies have pulled back from their recent local highs, signaling profit-booking by traders. Is the current pullback a buying opportunity, or has the trend turned lower? This is likely to be the question in every trader’s mind. Bollinger Bands creator John Bollinger said in a recent tweet that Bitcoin had turned down from the upper Bollinger Band and reached the middle bank,…

Bitcoin and select altcoins turned down sharply on April 19 but a minor positive is that the bulls are trying to defend their respective support levels. Bitcoin (BTC) has been witnessing volatile moves in the past three days. The pick-up in volatility shows that the buyers and sellers are vying for supremacy.  Bitcoin recovered sharply on April 18 but gave back all the gains on April 19. The latest sell-off may have been triggered by the high inflation figures in the United Kingdom and the regulatory uncertainty in the United…