Bitcoin, Ethereum, Dogecoin break off from stocks – is “little pressure” responsible? – Bitcoin – US Dollar ($BTC)
Bitcoin and other major coins continued to trade higher on Monday night, with the global cryptocurrency market cap rising 5.5% to $2.1 trillion.
|Piece of money||24 hours||7 days||Price|
|Bitcoin (CRYPTO: BTC)||4.6%||13.7%||$43,797.33|
|Dogecoin (CRYPT: DOGE)||6.9%||14.7%||$0.16|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
See also: How to buy bitcoins (BTC)
Why is this important: The cryptocurrency market diverged from US stock prices on Monday as the S&P500 and Nasdaq closed lower to start the week.
The break with other assets occurred in the context of a short liquidation glass knot The data. This could point to a possible short squeeze as the cause for an increase in Bitcoin prices.
After three months in a persistent downtrend, #Bitcoins saw a countertrend rally, breaking above $44,000.
The dominance of the short wind-up has also increased, suggesting that a short squeeze is a partial driver of the move.
Learn more in our analysis https://t.co/5IWpwaxDSU pic.twitter.com/L0f6hGahLh
— glass node (@glassnode) February 7, 2022
Marcus Sotiriouan analyst at UK-based digital asset broker GlobalBlock, said $270 million in short positions had been liquidated, resulting in a “small squeeze”.
“Sentiment around the crypto market improved significantly over the weekend as Bitcoin also broke a downtrend on the RSI dating back to October – Bitcoin broke out of two similar downtrends on the RSI over the past year, both of which have resulted in incredible rallies. , thus potentially foreshadowing a Bitcoin rally to the upside,” Sotiriou wrote, in a note seen by Benzinga.
Cryptocurrency Trader Pseudonym Kaleo said price actions felt “overblown” at current levels.
“We are waiting for a retest at $40,000 before we see further upside,” the analyst said in a tweet.
PA feels a little overextended here after retesting the January range highs.
Expect a retest at $40,000 before we see further upside. pic.twitter.com/Mf7euuHKoL
— KALEO (@CryptoKaleo) February 7, 2022
Bitcoin enthusiasts are back, according to Edouard Moya, Principal Analyst at OANDA. He said the frothy calls come back as confidence increases.
The “Fear & Greed Index” of Alternative, which indicated “Fear” yesterday, now indicates “Neutral”.
On altcoins, Moya said many crypto traders are looking for a “strong” altcoin season once Bitcoin stabilizes above the $50,000 mark.
Noting the mixed markets on Monday, Moya wrote, “Ethereum, Cardano, Terra and Solana were also all up over 5% on the day. The real test for cryptos will be whether they can sustain a rally if risk aversion hits all markets.
Read more : Sequoia Capital India Leads $450M Investment Round in Ethereum Layer 2 Solution