Bitcoin Targets Eight Weeks As Ethereum Approaches $1.8k
Bitcoin Targets Eight Weeks As Ethereum Approaches $1.8k
Despite the new inflation-driven sentiment, Bitcoin is hitting new highs around $24,246
By Shashank Bhardwaj
Image: Shutterstock
Bitcoin is approaching its next resistance after hitting a new high of $24,246 on August 8. The moving average on the daily chart seems to be showing a bear market signal, but the long signals still dominate the chart. The chart characterizes the moving average around $25,650, showing signs of resistance for Bitcoin. TradingView suggests a new bear market rally with the CPI index revealed, but the market appears to be showing different colors with a new top being hit.
According to BlackRock CEO Larry Fink, this new BTC/USD pair appears to be nothing more than an extended bear market rally. More than 44,000 BlackRock shares were sold by the CEO, suggesting he had some knowledge that the majority did not. As this is the biggest stock selloff since the 2020 market crash, the correlation points towards large crypto buys after the bear rally. With the risk of a major stock market correction and the crypto market strongly connected, inflation knowledge appears to be a crucial factor in the upcoming rally.
Ethereum outperformed all other cryptos, returning 5 to 8.5 percent in ongoing conflict over Bitcoin performance. As speculation about the Ethereum merger arises, the crypto has hit new highs in August by reaching $1,817. With the options contract believed to take place around September, the Ethereum market seems to be heading in a different direction than Bitcoin. Traders have a long bias in this market, suggesting a bull rally. Additional reports suggest that traders are buying the rumor, selling the news strategy as they position themselves in the long market.
