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 (31).
THE Bitcoin (BTC) it retreats about 1% from the previous day, and loses the mark of US$ 23 thousand. For analysts, the region is extremely difficult to try to surpass US$ 25 thousand and it is expected for more drops before new highs.
THE Ether (ETH) it also sees daily losses of nearly 1%, and is priced below $1,600. The market value retreats, but remains above US$ 1 trillion.
In the macro scenario, it is possible to expect bad news for the bitcoin tomorrow, when this year’s first monetary policy meeting of the Federal Open Market Committee (FOMC) of the Federal Reserve.
It is expected that the Central Bank of U.S announce a new increase in interest rates, which may displease those with an appetite for risky assets such as cryptoassets.
February may be less volatile but to the downside
André Franco, chief analyst at Mercado Bitcoin, notes that yesterday, bitcoin ended the day returning Sunday’s gains, with a fall of almost 4%.
Along the same lines, Fernando Pereira, analyst and content manager at Bitget, comments that after a month of strong increases, the tendency is for February to start more “lukewarm”.
“Bitcoin and the main cryptocurrencies are showing exhaustion of the buying pressure and one can expect a pullback of another 5% or 6% in the next few days, before rising again. Overall, February should be a much less volatile month than January. With less aggressive ups and downs”, he says.
In the on-chain data, another thousand bitcoins were added to the hands of long-term (LTH) investors. On Ethereum, an additional 15K ETH was locked into the Beacon Chain.
Also, market optimism fades this Tuesday. After losing 10 points, the fear and optimism index drops to 51 out of 100, leaving the “optimistic” zone and landing on the “neutral” level.
Source: Moneytimes
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