Market News
Bitcoin’s price continues to keep the uptrend and supports trading above $35,000, according to CoinGecko.
Currently, bitcoin’s price is hovering close to $39,500, according to Nomics, close to the same price as the last time we wrote about it.
While the BTC/USD seems to be consolidating just below $40,000, if it holds above $35,000, we are confident the rally will continue.
In terms of news, most media outlets are focusing on the recent bitcoin price appreciation. Most analysts remain bullish on the short-term price action. According to Coindesk:
“Data from Cointelegraph Markets Pro and TradingView showed BTC/USD repeatedly challenging then briefly breaking through the $37,500 mark Wednesday.
As the market digested comments from Gary Gensler, the new Chair of the United States Securities and Exchange Commission, BTC price action continued to retrace progress from the previous week.
A look at order book data from major exchange Binance highlighted the veracity of support at the target level, with sellers still lined up at $41,000 and above.”
Bitcoin Magazine also noted how bullish the current sentiment is.
Adding to that, Cointelegraph wrote bullish news on ETH as well:
“In T-minus 10 days, the Ethereum blockchain will undergo its 11th backwards-incompatible upgrade, also called a “hard fork.” This hard fork, dubbed “London,” contains five Ethereum Improvement Proposals (EIPs), each featuring code changes to optimise and improve the world’s second-largest cryptocurrency by market capitalization.
Of these five EIPs, EIP 1559 has been the most controversial among Ethereum stakeholders due to its radical redesign of the network’s fee market.”
While we’re still hesitant about the success of the London hard fork, we hope everything goes smoothly. From testnet stats, it seems that it will.
Let’s see what traders are saying.
Traders Tweets
Today's first tweet comes from Dan Tapiero, a legendary macro investor.
He shared the news that Spain wants to promote cryptocurrencies adoption by enabling an initiative "for the payment of mortgages with cryptocurrencies and create a national crypto assets council to analyze the implications of the use of crypto and blockchain in that country."
Tapiero wrote that "The Digital Asset Ecosystem is global. Cryptocurrency trading on US exchanges is less than 15% of the world's total. #Bitcoin is the world's first truly global macro investment. American attempts to over-regulate will backfire. Even Spain gets it."
The following tweet comes from William Clemente III, a cryptocurrency on-chain analyst.
He shared “Bitcoin: Entities Net Growth”, which shows the number of users adopting bitcoin. The data is crystal clear: the total number of users adopting bitcoin has recently skyrocketed.
As Clemente noted, “The number of new users coming on the Bitcoin network continues to reach new all-time highs.”
This is an excellent sign. The more people who adopt bitcoin, the more it will spread, just like a virus.
The last tweet of the day comes from LilMoonLambo, a crypto trader.
He shared a funny meme that contains an important message: once the London hard fork is deployed (if successful), the ethereum network could start massively burning ETH, thus making its supply deflationary.
However, recently there have been problems measuring ETH’s total supply; therefore, it may be hard to know if the total number of ETH is going up or down.
We hope for the best and that this new upgrade translates into a higher price and further adoption.
Market Watch
Bitcoin’s price had a massive rally from around $29,700 to $40,000 during the past week. That’s a 35% increase in less than two days.
Currently, BTC/USD is trading just above $39,400, according to Nomics. Other excellent news is that BTC/USD is not only above the 21-day EMA (blue) but currently above all moving averages: the 20-day MMA (red), the 50-day MMA (green) and the 200-day MMA (dark blue).
Volume has grown massively as well and is currently above $20 billion, despite some short-term selling. Nevertheless, bitcoin’s price continues to show higher lows, a sign it wants to move up.
The VPVR, on the left of the chart, shows BTC/USD is already above the most traded ranges, between $30,000 and $37,000. This means that if buyers continue to show up, we expect bitcoin’s price to continue moving towards new highs.
Currently, the 50-day MMA is supporting bitcoin’s price quite nicely. If the trend sustains during the week, we think there’s a higher chance BTC/USD continues to move up. Of course, as it’s highlighted on the chart (blue area), we also think bitcoin’s price could move back below the current support region and find new support above $36,000.
If BTC/USD keeps trading above $35,000, and more importantly, if buyers continue to flock into the market, we expect bitcoin’s price to finally move above $45,000. Our time frame remains locked on next week until volatility strikes back.
Let’s see how things are going in the altcoin world.
Weekly Altcoin
The altcoin of the week is HEX. While last week it was consolidating around $0.11, it experienced a significant increase in value in the past two days.
At the time of this writing, it was trading above $0.15, an extremely bullish sign. From the local bottom (blue area), it already increased over 35%.
We think that, in due time and with the launch of PulseChain, HEX will continue to appreciate as new buyers reach the market.
So far, our prediction that HEX would attempt to break its prior high until the end of the week is progressing on track.
Hence, this may be an excellent opportunity to buy HEX/USD below $1. Seize the opportunity!
Another coin that CryptoNerds DAO fans fiercely voted on was $FEVR. Currently, FEVR/USD is trading much above the predicted range bottom, and its price is trading close to $0.011; the total market cap is close to $190 million, according to CoinMarketCap.
As anticipated, $0.009 was the local bottom, and massive support is found in this region. Additionally, our prediction is progressing as we hoped, and $FEVR is moving towards the top of the blue range.
The reason why we’re bullish is due to the number of hodlers. BSCscan shows there’s over 5,300 of them. Congrats to all hodlers; this is an exciting milestone.
Additionally, as long as $FEVR continues to trade above the 9-day EMA, we remain bullish on the short-term price. We expect some resistance close to the top of the predicted range, but until there should be clear skies.
If you need some fuel to keep you engaged with the project, check out RealFevr’s new website. It’s awesome. Adding to that, Bruno Fernandes was announced as RealFevr’s ambassador, and the first-ever FEVR packs' drop is about to start.
Conclusion
BTC/USD has had significant gains in the past few days. While:
Remains above the 21-day EMA, 20-day, 50-day and 200-day MMA,
But continues to trade below its prior high around $64,000,
We think it’s a great time to accumulate more BTC. If BTC/USD holds above $35,000 during the week, our bullishness will significantly increase. Despite that, we don’t think bitcoin’s price is out of the woods just yet; be wary of pull-backs.
To conclude, altcoins continue to show strong buying support, which makes us think the bull run is far from over. Some of our top picks are $FEVR, $HEX, $ETH and $BNB.
For the time being, we’re cautious and waiting for confirmation buyers are in control.
Safe trades.
CryptoNerds DAO Proposal 8: OPENED
Vote on the altcoin we’ll look at every week! This week, the winner was $HEX.
For all the upcoming votes, you can use $FEVR to vote, as well as $CND.
It’s up to you what altcoin we pick next week. For more details, check this thread.
Vote on Snapshot, here!
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