The global crypto market capitalization is $1.73 trillion, down 0.71% from the last day. The total volume of the crypto market in the last 24 hours is $55.62 billion, which represents a decline of 17.14%.
Bitcoin, the largest and most well-known cryptocurrency in the world, currently costs $38,890.65. Ethereum, the second largest currency in the crypto space, was trading at $2,567.53.
Meanwhile, memecoin SHIB rose 0.47%, while Dogecoin fell 1.78%. Cardano rose 1.46% to $0.8065. Solana fell 0.58% to $80.99.
Over the past two months, as global asset markets were mowed down by an increasingly hawkish Federal Reserve and then Russia’s invasion of Ukraine, Bitcoin has remained stubbornly rangebound.
Only the briefest dip below $33,000; never above $46,000. As the sideways trade dragged on, Vladimir Putin’s war in Ukraine — and the sweeping financial sanctions imposed on Russia in retaliation — fueled a long-running debate about crypto: Is it the ultimate refuge from excessive trading? government power? Just another risky asset class? Or a practical tool to circumvent sanctions and demand stricter policing?
For technical analysts, the discussion is more prosaic in nature; namely, identifying numerical levels and trading patterns that could signify a sustained trend break – something that could push Bitcoin out of its reach and usher in either a strong rally or another bear market.
Below are five analysts’ views on key levels to watch, up and down..
The case of the bull
Katie Stockton, the founder of Fairlead Strategies, uses trading patterns she calls the “Daily Cloud” and the “Weekly Cloud”, trend-following indicators that help identify technical support and resistance levels. Bitcoin will meet its next resistance in the $50,000-$51,000 area, she said via email on Thursday. Its “breakout secondary” level: nearly $55,000.
According to Ron William, founder of RW Market Advisory, Bitcoin’s main upside tactical breakout zone remains between $44,550 and $46,000. He cites so-called accumulation patterns, which have recently been supported by flows to safe havens triggered by escalating geopolitical tensions.
If Bitcoin achieves a sustainable break above key resistance at $45,000, it opens the door to $54,000 next, said Christopher Grafton, Managing Director of Vectisma Ltd.
The bear case
Jonathan Cheesman, head of OTC and institutional sales at crypto exchange FTX, points to the 50-day moving average as well as recent lows around $33,000 and $34,500 as levels to watch – 29,000 $ being “the big downside level”. “, he said in an email on Tuesday.
Much more bearish support would be at $20,000, according to William of RW Advisory. He says this is both a psychologically important level and a target in long-term regression analysis. Bitcoin hasn’t traded this low since December 2020.
Andy Dodd, technical analyst at Louis Capital Markets, sees Bitcoin descending from the neckline of what he calls a “head and shoulders upper pattern” – giving a target of $16,100, he said. declared by e-mail on Thursday. This is 77% below the level at which Bitcoin peaked in November.
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