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Tuesday, January 31, 2023

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Good morning, Bitcoin (BTC): market moves sideways, but for analysts the worst is over

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(Image: Pexels/Karolina Grabowska)

While the traditional markets do not wake up, the Crypto Times come give Bitcoin a good day. Check out a brief summary of what could affect the market this Tuesday (24).

THE Bitcoin (BTC) it dawns with the steps of a crab. THE cryptocurrency remains above US$ 22 thousand. THE Ether (ETH) it also goes sideways, but is priced at US$1,600.

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The market value also encourages the investors and is above US$ 1 trillion. André Franco, chief analyst at Mercado Bitcoin, notes that the ether remains above $1.60.

“In the on-chain data, we saw long-term (LTH) investors adding another 2,000 bitcoins. On the Ethereum network, almost 70 thousand new ETH were locked in the Beacon Chain”, he says.

The bottom of the market has passed

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Fernando Pereira, Bitget’s content manager, says he believes the worst is over, and the market has hit bottom.

“After gaining more than 50% since the low, it looks like the worst is over. Anyone who managed to buy BTC close to $16,000 probably bought it at the lowest possible price going forward,” he notes.

Even so, not even the fear and optimism index escapes the sideways movement that marks the day. The index advances only two points, and stops at 52 out of 100, but remains in the “neutral” zone.

Latest Crypto Fear & Greed Index

Source: Moneytimes

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