In a week characterized by intense volatility, the cryptocurrency market has witnessed a remarkable turnaround: Wednesday's trading session saw Bitcoin (BTC) surging past $37,400, a significant recovery from its earlier slump. This upward momentum came despite the recent departure of a key figure in the crypto world.
The market was initially rattled on Monday following reports of a potential settlement involving Binance, the largest crypto exchange globally. The confirmation of a hefty $4.3 billion fine and the guilty plea from Binance’s founder, Changpeng "CZ" Zhao, who also agreed to step down, further jolted the crypto space. This news briefly plunged BTC below $35,000. However, the markets have shown resilience, with the original cryptocurrency climbing over 2% in the last 24 hours, hovering just below $37,500, and marking a modest start-of-week increase from around $37,000.
Ethereum (ETH) has mirrored the recovery of Bitcoin (BTC), gaining more than 3% and trading close to $2,100, reflecting a small weekly increase of nearly 1%. The global cryptocurrency market cap has risen to about $1.42 trillion, an almost 3% increase from the day before, indicating a renewed investor confidence in digital assets. Amidst these market movements, a unique development is the case of ScapesMania (MANIA), a lesser-known but intriguing player in the crypto space whose lucrative presale perks are now generating curiosity among market watchers.
There's more to the story: the resolution of Binance's issues and CZ's departure might have alleviated concerns over potential overseas manipulation of BTC prices. Analysts are growing increasingly hopeful about the green light for a spot Bitcoin ETF, with many believing the odds have just gone up a notch. This change in the market's mood, along with the rising buzz around MANIA, paints a picture of a crypto market that always keeps investors and enthusiasts eagerly guessing.
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Bitcoin (BTC): Long-term Holders Unfazed by Market Swings
The latest trends in the Bitcoin (BTC) market reveal a unique and compelling narrative: Glassnode's recent data shows that an astonishing 70% of circulating BTC supply hasn't been active on-chain for at least a year, a record high that eclipses the previous peak of 69% set in July.
This statistic indicates a robust conviction among Bitcoin (BTC) holders, undeterred by the recent market turmoil and macroeconomic headwinds, even as the coin's value has more than doubled to $37,000 this year.
However, while the sentiment among long-term investors remains steadfast, with no inclination to sell, this may not fully reflect the market dynamics, especially as BTC becomes more integrated into financial products like ETFs and futures.
Bitcoin (BTC) Technical Analysis
From a technical analysis perspective, Bitcoin (BTC) is currently oscillating between its first support and resistance points at $36,219 and $38,394, respectively. The proximity of the price to its 52-week, 1-month, and 13-week highs at $37,968, and the stalling of the 3-10 day MACD oscillator near $38,038, provide additional resistance levels.
Source: TradingView
The crossing of the price over the 9 and 18 day moving averages around $36,746 and $36,075 hints at possible bullish momentum, yet the scenario remains delicately balanced. The 14-day RSI, hovering around 70%, suggests that BTC is in the overbought territory, indicating potential for a pullback.
Bitcoin (BTC) Price Forecast
In a bullish scenario, should Bitcoin (BTC) break past $38,394, we could see an upward trajectory towards the second and third level resistances at $39,211 and $40,569, respectively. This movement would align with the prevailing holder sentiment, which suggests reluctance to sell at current levels.
Conversely, a bearish turn could see BTC retreat towards its lower support levels, with a critical watch on the $34,861 and $34,045 markers. With external factors like the evolving role of Bitcoin (BTC) in financial products and the broader economic climate, as commented on by figures like Robert Kiyosaki, the BTC market remains a complex and dynamic arena for traders and investors alike.
Ethereum (ETH): Can Whales Contribute to the Much-Awaited Breakout?
Earlier this week, the Ethereum (ETH) market saw a significant shift due to the actions of major investors. These whales have been actively accumulating ETH, with many moving it from crypto exchanges like Bitfinex to cold storage for long-term holding.
At the same time, there's a noticeable pattern of whales transferring substantial ETH quantities to exchanges such as Coinbase, possibly for selling. This collective move could trigger a significant market pullback, leaving the community on edge for any rapid changes.
Ethereum (ETH) Technical Analysis
Technically, Ethereum (ETH) is trading between its first support point at $1,976 and the first resistance level at $2,135. The price is hovering near its 52-week, 1-month, and 13-week highs at around $2,136, suggesting another crucial resistance mark.
Source: TradingView
The 14-day RSI is well above the 50% mark, indicating a strong bullish momentum, yet caution is warranted as it nears the 70% threshold. ETH has recently crossed above its 9-day moving average at $2,011, indicating a potential bullish trend. However, the 3-10 Day MACD Oscillator stalling at $2,084 suggests a possible slowdown in momentum.
Ethereum (ETH) Price Forecast
Breaking above the $2,135 resistance could propel Ethereum (ETH) towards the second and third resistance levels at $2,193 and $2,294, respectively. This would be a significant bullish indicator, especially if accompanied by sustained trading above the 9-day and 18-day moving averages.
On the flip side, a bearish outlook could see ETH retract towards $1,976. A drop below this level, particularly if coupled with a move below the 9-day and 18-day moving averages, could lead to further decline towards the second and third support points at $1,875 and $1,817. Traders and investors should monitor these moves carefully to navigate the complex dynamics of the altcoin king influenced by the actions of ETH whales and broader market sentiment.
Conclusion
Bitcoin (BTC) and Ethereum (ETH) continually capture attention with their robust market performances and complex dynamics; BTC has proven resilient, with its long-term holders showing a remarkable level of confidence despite volatility of the crypto market and broader economic uncertainties. This steadfast belief in the future of Bitcoin (BTC) is further juxtaposed with its gradual integration into modern financial products like ETFs and futures, adding new dimensions to its story.
ETH, echoing its counterpart’s trend, is riding its own wave of excitement, heavily influenced by the strategic plays of key investors, notably the 'whales'. Their tactical decisions to accumulate or potentially offload Ethereum (ETH) have the entire market watching with bated breath. As the major altcoin dances around crucial technical thresholds, the crypto community is eagerly watching, ready for either a bullish leap or a cautious step back.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
