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 Friday (2).
O Bitcoin (BTC) dawns above US$ 27 thousand. After closing its first month in the red, analysts assess that the cryptocurrency it’s almost hitting rock bottom.
In other words, at the lowest level of the current bearish cycle. Thus, the situation can hardly get any worse than it already is.
The low liquidity of the market, the regulatory siege and challenges in the macroeconomic scenario of the U.S point out that the Bitcoin there’s nowhere else to run.
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already the Ether (ETH)network encryption Ethereum (ETH), also opens the day with gains, and heads above $1,900. The total market value of cryptocurrencies advances 1.18% in the last 24 hours to a level of US$ 1.15 trillion.
Bitcoin at a Dead End
André Franco, chief analyst at Mercado Bitcoin, assesses that Bitcoin is at a “dead end”, with no good news so far. He notes that not even the agreement on the roof of debt of the US prevented further declines in Bitcoin.
“The market’s volatility is at its lowest and this always precedes major movements”, he points out. In the on-chain data, there was a reduction of 17,000 bitcoins from long-term (LTH) investors. On Ethereum, there were 424 thousand ETH of positive net balance placed in staking in the last 24 hours.
Fernando Pereira, analyst and content manager at Bitget, draws attention to data from the US job market (payroll) higher than expected. 339,000 jobs were created, against a consensus of 200,000.
“The market liked this news, which shows that, despite the economy being inflated, it remains very heated and far from the risk of recession at the moment,” he says. Therefore, he predicts that the Bitcoin can even react downwards, looking for a pullback close to $25,000, to then go back up.
Technical indicators suggest stability
In correlation with Bitcoin, the nasdaq reaches the lowest levels of the year. On a scale of -1 to 1 (where 1 is full correlation), the US technology index is negative at 0.61. Meanwhile, the correlation of the largest cryptocurrency in the market with the gold is positive at 0.54. The correlation with the S&P 500 remains negative at 0.45.
Finally, the fear and optimism index dropped two points, and remains at the neutral level of the index. The day before, the index was at 52, and today it is at 50 out of 100.
Source: Moneytimes
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