Market News
Bitcoin’s price had a massive +10% increase since Monday, according to CoinGecko. Additionally, it’s over 20% compared to the past seven days.
Currently, bitcoin’s price is trading close to $38,800, according to Nomics. Buying volume has massively increased, and bitcoin’s market cap moved above $700 billion, an excellent sign.
Not only that, but altcoins such as ETH, HEX, and FEVR keep overperforming most of the market, meaning we think this is an exciting time to be betting on these coins.
In terms of news, most media outlets are focusing on the recent bitcoin price appreciation. According to Cointelegraph:
“Bitcoin faced selling pressure on Friday after Deribit, the world’s largest crypto options exchange by volume and open interest, settled monthly options contracts worth $1.6 billion.
The cryptocurrency slipped from $39,800 to $38,500 after 08:00 UTC, the designated settlement time on Deribit. A total of 41,000 contracts expired, of which 22,000 were calls options, and the rest were put options, according to Deribit data.
Bullish flows may return if the cryptocurrency establishes a foothold above the 100-day moving average (SMA) of $40,000. The standard has been capping gains since Wednesday.”
Adding to that, Coindesk adds that institutions are accumulating more bitcoin. They wrote: “Bitcoin (BTC) is being aggressively bought up by institutional entities this week as data shows over-the-counter (OTC) trading volumes spiking.
As noted by Dylan LeClair, co-founder of analytics and advisory firm 21st Paradigm, high net worth individuals have a clear interest in Bitcoin at current prices.”
We anticipate a highly volatile week ahead.
Traders Tweets
This week’s first tweet comes from Altcoin Psycho, a cryptocurrency trader.
He shared bitcoin’s hourly price chart and wrote that: “$BTC getting strangled here.
Whichever way this breaks, I think it goes the opposite way after taking some liquidity.”
We agree with him and think there are a chance bitcoin’s price moves in either direction.
The following tweet comes from Pentoshi, another cryptocurrency trader.
He shared bitcoin's daily price chart and wrote that: "$BTC has been so clean.
Has it ever done 10 straight green days? Idk but would love to. What's more important in the context of support, resistance, momentum etc. This is chart art, though. #Bitcoin"
Essentially, he hopes bitcoin's price continues to move up. Still, we note some caution in his words, much like Altcoin Psycho.
The last tweet of the day comes from Rager, a crypto trader and analyst.
He shared bitcoin's daily price chart and identified a possible fractal with late December 2020, just before BTC/USD started a massive rally towards $64,000.
He wrote that "An end to 8 straight green days for spot $BTC. Looks like the last time the chart had eight green days in a row was the break over $20k in December '20. It's been a great week, but the question is can Bitcoin continue. Breaking and closing above the $40,600 level will be important."
Could bitcoin's price start a new rally soon? There's definitely a chance. However, only after the price sustains support (200-day EMA) will our confidence in this prediction augment.
Market Watch
Bitcoin’s price had a massive rally from around $29,700 to $40,000. That’s a 35% increase in less than two days.
Currently, BTC/USD is trading just above $38,900 and compared to last week, it grew over 20%, 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 $25 billion.
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 EMA is supporting bitcoin’s price quite nicely. If the trend sustains during the next week, we think there’s a higher chance BTC/USD continues to move up.
Let’s see how things are going in the altcoin world.
Weekly Altcoin
FEVR/USD is currently trading way above the predicted range, and its price is trading close to $0.01; the total market cap is close to $150 million, according to CoinMarketCap, another magnificent milestone.
FEVR/USD grew over 60% during the weekend and almost reached $0.014 at the peak.
Another important metric is the number of hodlers. BSCscan shows there’s over 4,700 holders.
Additionally, we hope FEVR finds support above the 9-day EMA since it’s a critical support range. Let’s wait until the day closes.
If you need some fuel to keep you engaged with the project, check out RealFevr’s new website. It’s awesome. Bruno Fernances, the Premier League player of the year, was announced as RealFevr’s ambassador, and packs are almost being released.
A quick update on HEX: currently, it’s consolidating above $0.1, according to Uniswap. At the time of this writing is above $0.12.
We think that, in due time and with the launch of PulseChain, HEX will continue to appreciate as new buyers reach the market.
HEX is also consolidating and is now below the 21-day EMA; however, we expect it to soon pump towards new highs. The VPVR shows a chance to continue the consolidation period until new buyers come to space.
Hence, this may be an excellent opportunity to buy HEX/USD below $1. Seize the opportunity!
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 rest of 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 leads us to think the bull run is far from over. Some of our top picks are $FEVR, $HEX, $ETH and $BNB.
Next week we expect more volatility to come. We’re unsure if to the upside or downside. Hopefully, the first rather than the latter.
Safe trades.
CryptoNerds DAO Proposal 6: Vote Now
Vote on the altcoin we’ll look at every week! This week, the winner was $FEVR.
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.
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