Cryptoassets that have been “bearing” for weeks bitcoin and Ethereum price finally satisfied its investors for a week. In the past week, Bitcoin has increased by 15% and Ethereum by 22%. This rise, which was recorded in a short time, quickly brought up the question of “are the declines over?” among the community and among investors.
Bitcoin, the world’s largest cryptocurrency by market capitalization, rose nearly 10% to $21,663 last week, up 6% on Thursday, according to data from CoinMarketCap. Similarly, Ethereum also rose to $1,238 on Thursday, posting a 7% gain on Thursday. In the last seven days, it has increased by 19%.
Cryptocurrency in the rest of the market, Solana is up 4%, Polkadot 5%, Cardano around 3% and Dogecoin 3% in the last 24 hours.
Blockware analyst Joe Burnett shared his views on the markets today. He highlighted Bitcoin’s 5% increasing correlation with the NASDAQ over the past five days, as well as the recent major sales of bankrupt firms like Three Arrows Capital that created a “local bottom”.
“This forced sale definitely contributed to creating at least a local bottom where the price could go up,” Joe Burnett shared to cryptocurrency news site Decrypt via his Twitter private message.
The analyst, who thinks that the Bitcoin mining industry is also very influential in cryptocurrency prices, added his comments on the subject: “According to the hash strip metric, we are in 30 days of miner capitulation and there are signs that it will potentially end soon unless the price drops further. Miner capitulations add to short-term selling pressure as miners liquidate their BTC treasures to continue their operations.”
believed to continue crypto winterCryptocurrency prices went to zero, multiple firms filed for bankruptcy, an unexpected wave of layoffs and a liquidity crunch. Does the sudden increase in the markets mean that market fears have subsided?
Cubic Analytics analyst Caleb Franzen interprets the 200-day moving average of Ethereum and Bitcoin as a metric that he believes will help traders see further bullishness if assets rise above this level.
Another important retest for $ETHBTCthis time on the 200 day moving average cloud (EMA & SMA).
This teal range was former support, now acting as potential resistance.
If we can break above this range, it might be a key risk-on signal. pic.twitter.com/mJWbEXMZRh
— Caleb Franzen (@CalebFranzen) July 7, 2022
Different analysts interpreting the same metric are not so sure about this. Bitcoin analyst at mining firm Blockware, Will Clemente, pointed to Bitcoin’s 200-week moving average (WMA) at $22,520 as an important metric. He shared that if the price of Bitcoin stays below this value, the price decline may continue.
Reaction at 200WMA should be quite telling.
A reclaim of which, essentially making everything below a deviation, would be a nice swing-long setup for traders and probe triggers some trend algos. Rejection would be no bueno. pic.twitter.com/6DRvWqMMeN
— Will Clemente (@WClementeIII) July 7, 2022
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.