The price of the most dominant cryptocurrency Bitcoin (BTC) is in our latest focus. As the latest Bitcoin news show, BTC broadly held levels at $44,000 and above on February 16 amid the fresh optimism which was raised by analysts saying that the price of BTC would avoid another macro low. Now, as Bitcoin circles near $44k, analysts are starting to be bullish on its price.
The data from TradingView shows that BTC/USD is rebounding after its overnight dip to $43,725 on Bitstamp. The tightening range shows the pair looked very much primed for a new breakout – either up or down – earlier this week, mostly as support and resistance levels stayed within a short distance of spot.
While there have been fears that the correction in the stock market could also drive new corrections in the crypto space. One analyst argued that there was hardly any impetus to sell BTC after three months of downside. As TXMC argued on social media:
“When I consider everything BTC HODLers withstood in 2021- When I observe global de-risking for 3+ months- When I see 48% of Realized Cap STILL held from 3–12 months ago after a $33k scare- I ask: with all existing FUD priced in, barring surprises, who remains to sell here?”
When I consider everything #BTC HODLers withstood in 2021-
When I observe global de-risking for 3+ months-
When I see 48% of Realized Cap STILL held from 3-12 months ago after a $33k scare-
I ask: with all existing FUD priced in, barring surprises, who remains to sell here? pic.twitter.com/nsJ6a5tG7p
— TXMC (@TXMCtrades) February 15, 2022
What’s also interesting is that accompanying charts show coins last moved between three and six months ago. The run-up to the $69,000 all-time high has grown as a proportion of the overall BTC supply in circulation.
Another metric known as on-balance volume, which is designed to estimate buy and sell pressure, also recovered in a style which many claimed mimicked last year’s rebound for BTC from $30,000. An analyst shared his outlook for this on Twitter, mentioning that it is “almost a more bullish move than last time we went from $30,000 to $60,000.”
$BTC – Daily OBV chart. And people telling me we aren’t bottomed out… This is almost a more bullish move than last time we went from $30,000 to $60,000. Double bottom, very sharp bullish V spike. Price action is just noise and people are listening too much to #CryptoTwitter. pic.twitter.com/vURzxYeImG
— IncomeSharks (@IncomeSharks) February 15, 2022
Despite the recovery from the last month’s low, as Bitcoin circles near $44k we can see that the interest stayed practically nonexistent from mainstream sources. Data from Google Trends shows a distinct lack of curiosity from many users and traders.
On the other hand, the ETH news show that Ether hit $3,200 before returning to consolidate and is still at its five-day gains.
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