Bitcoin chart analysis
The price of Bitcoin withdrew from $ 45,813 to $ 42,555 yesterday after the news of inflation was announced. The dollar gained momentum because the report showed that inflation was very high, at 7.5% compared to January last year. This means that the Fed will have to raise its interest rate by at least 25 basis points. This means that the dollar will strengthen in the coming period. The price of Bitcoin is now consolidating at $ 43,500 before the start of the weekend. Bitcoin is on a relatively neutral level with clear zones of resistance and supports above and below, and acting in favor of bulls is a sentiment, which is now on “neutral” and not on the territory of “fear.”
Bitcoin (BTC) addresses that hold at least 1,000 BTC, so-called whales, began accumulating more tokens during the recent market recovery. As of February 10, the total bid at these addresses was 8.096 million BTC compared to 7.95 million on January 24, according to Coin Metrics.
The feeling of buying among the richest crypto investors gained momentum during bitcoin’s recovery in the last two weeks since BTC recovered from the lowest value from 2022 from 33,000 dollars on January 24 to about 43,500 dollars on February 11.
A report released this week by CoinShares also showed an increase in inflows through crypto funds last week. Significantly, capital injections into these funds have quadrupled to $ 85 billion, with $ 71 million flowing into bitcoin-focused investment products, suggesting renewed institutional interest also encourages recovery in BTC prices.
We need positive consolidation and support above $ 43,000.
Then we have to move above the MA20 moving average and resistance to $ 44,000.
After that, we climb to the previous high at $ 45,813, and a break above would only boost bullish optimism.
Our next resistance zone is at $ 48,000, then the psychological $ 50,000 and the level at $ 52,000, the previous high from December.
It is necessary to continue this negative consolidation from yesterday and further raise the price to $ 42,000.
Additional potential support at this level is our MA50 moving average.
Break below this support drops us further to the psychological zone at $ 40,000, and additional support is our trend line.
Our next potential support is $ 38,000, then $ 36,000 February minimum, and $ 34,000 January support zone.
Ethereum chart analysis
The price of Ethereum is turning bullish again after yesterday’s withdrawal with $ 3,300, after the report on inflation in America. ETH once again tested the $ 3,000 price, dropped it, and climbed to the current $ 3,100. We now expect this bullish trend to continue.
We need continued positive consolidation and support in MA50 and the lower trend line.
We need a break above $ 3200 to try again to test the previous high and move on to $ 3400.
The $ 3400 zone is the next potential resistance, which was an obstacle to returning us in the bullish trend in January.
The break above climbs us to the next resistance at $ 3600, then $ 3800, and finally $ 4000 psychological resistance.
We need negative consolidation and retreats below the MA50 moving average.
Then we go down to the $ 3000 price, where the MA200 moving average and the lower trend line are waiting for us.
Break below this support increases the bearish pressure, and we are looking for the next support at $ 2800.
Depending on the bearish pressure at the time, the price can be lowered to lower levels of support on the chart.
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