while the markets traditional do not awaken, the Crypto Times come take a good morning to bitcoin. Check out a brief summary of what could affect the market this Wednesday (29).
Impressively, the Bitcoin (BTC)) dawn firm on the ground positive, rising around 4% and trading just above $28k. The move comes despite more than $2 billion being withdrawn from binance since Monday (27).
The withdrawals come at a time when the exchange is being sued by regulators in the United States. However, the cryptocurrency seems to heed the maxim used by Changpeng Zhao, or CZ, as the CEO of Binance is known, “ignore the FUD”. The term is used for the feeling of fear and uncertainty of the market.
already the Ether (ETH) it rises 2% and trades above $1,800. The value of Marketplace of cryptocurrencies returns to the level of US$ 1.19 trillion.
Why is Bitcoin (BTC) rising today?
André Franco, chief analyst at Mercado Bitcoin, comments that for at least 12 days bitcoin has been in a congestion zone between $27,000 and $28,000.
“In this scenario, it is expected that Bitcoin will soon burst upwards or downwards, returning to its more volatile behavior”, he comments.
In on-chain data, Franco points out that long-term investors (LTH) have returned to the pace of accumulation and added another 4,000 bitcoins. In Ethereum, there were 25 thousand new ETH locked in the Beacon Chain.
Fernando Pereira, content manager at Bitget and analyst, refutes the higher probability of a drop that Bitcoin presented on Monday. For him, some indicators were essential for the high this morning.
“With open interest rising (money entering the market) and the ‘longshort ratio’ indicating that most of the market was ‘shorted’ (as sales operations in the futures market are called), the natural trend was price reversal” , evaluates.
Pereira analyzes that, in a scenario where the buying pressure continues, and manages to break the resistance of US$ 28,800, the tendency is to push the price of bitcoin around US$ 31,000.
And this is reflected in the market’s fear and optimism index, which retreated, but remains optimistic. The day before, the index was at 59, in the bullish zone, and today it is at 57, from 100.
Source: Moneytimes
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