Bitcoin, Ether Open Week in a calm tone as the end of the month approaches ⋆ ZyCrypto
Bitcoin continued to trade flat on Monday after failing to clear $25,000, with major technical indicators signaling buyer exhaustion. At press time, the world’s largest cryptocurrency was trading at $23,378, up 0.94% in the past 24 hours.
Ether, although it looked exactly like Bitcoin, saw a 2.22% spike and was trading at $1,638 at the time of writing. The increase has been attributed to excitement surrounding the upcoming Shanghai upgrade that will allow validators to unlock their staked ether. Earlier today, Tim Beiko and other Ethereum developers reminded node operators to update their Ethereum clients before the February 28th Capella upgrade in order to withdraw their Eth stake when Shanghai arrives.
Other cryptos also recorded stunted growth, with Shiba Inu, BNB, dogecoin and BNB gaining less than a percentage point in the past 24 hours. Overall, most coins were in the red at press time.
Meanwhile, as Bitcoin continues to be buffeted by regulatory and macroeconomic headwinds, some traders are predicting that the top crypto could soon make a surprise move after overcoming key resistance levels.
Marc Principato, a chartered market technician and founder of Marcpmarkets, noted that a bitcoin long swing trade could come into play from $23,250, adding that “the short-term trend is bullish.”
“If bullish momentum follows through, a higher high could follow with a test of the 26 to 28K AREA in the coming week,” he said.
According to Michaël van de Poppe, founder and CEO of crypto trading platform Eight Global, Bitcoin may pull back after price rejection of $23.8 to at least $22,000 before targeting $25,000.
“Scenario I would look at, right now for Bitcoin. Rejection at crucial $23.8K level would indicate that we will have another test of the support. If that sweep happens and we pull back, $25,000 test is inevitable and longs are triggered . he tweeted earlier today.
On the other hand, according to Cryptoquant’s pseudonymous analyst “Binh Dang”, Bitcoin may have bottomed, although we may see a prolonged sideways market. The superintendent shared a chart showing that the realized price of UTxO’s age groups from 6-12 months crossed the realized prices of UTxO’s age band from 12 -18 months. Historically, when these bands crossed, the market price often reached its lowest point.
He also noted that the Bitcoin price had fallen below its 200-week moving average, adding that the asset “still needs a noticeable break above this significant resistance level to confirm another bull cycle.”
“With every market move that occurs below this resistance is an excellent opportunity for significant accumulations. I expect a sideways action to be long enough, like 2015-2016, to move towards sustainable growth rather than a rush like in 2019.” he said.
