Saturday, July 20, 2024

Bitcoin consolidates after $40K surge as analyst eyes weekly higher low for BTC price

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Bitcoin (BTC) started a nervous weekend at round $39,000 on Feb. 26 after an in a single day spike briefly noticed $40,000 return.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Shares beneficial properties however crypto “concern” pervades

Knowledge from Cointelegraph Markets Pro and TradingView revealed calmer situations for BTC/USD Saturday after in a single day volatility noticed highs of $40,330 on Bitstamp.

With conventional markets closed, the likelihood of “fakeout” strikes up or down was elevated due to thinner weekend volumes on crypto markets.

The geopolitical turmoil targeted on Ukraine and occupier Russia shaped the backdrop for continued cautious sentiment, amid issues that Monday, specifically, might carry contemporary instability.

The Crypto Fear & Greed Index, whereas inching up in the direction of the top of the week, remained within the low “concern” zone at 26/100.

Crypto Worry & Greed Index (screenshot). Supply:

A possible silver lining for Bitcoin bulls in the meantime got here from the weekly chart. With its latest $34,300 low on the Ukraine invasion, BTC nonetheless managed to place in a higher low versus January’s $32,800 dip.

Ought to that maintain, dealer and analyst Rekt Capital believed, February’s comedown from $45,500 would most certainly end up to have been a “mandatory” consolidation transfer.

Macro markets in the meantime ended the week on a excessive, with significant rebounds for each European and U.S. indices.

The U.S. greenback, which had surged in power as hostilities started, gave again most of its beneficial properties, with the U.S. greenback forex index (DXY) returning to 96.5 from highs of 97.7.

U.S. greenback forex index (DXY) 1-hour candle chart. Supply: TradingView

LUNA leads prime ten altcoins higher

Altcoins offered a blended however nonetheless total sturdy image Saturday, main tokens led by Terra (LUNA), up almost 50% in a week.

Associated: Price analysis 2/25: BTC, ETH, BNB, XRP, ADA, SOL, AVAX, LUNA, DOGE, DOT

With Bitcoin cooling, some late beneficial properties have been nonetheless enjoying out, together with for XRP, which was 10.3% higher over the 24 hours to the time of writing.

Ether (ETH), the most important altcoin by market cap, traded above $2,750 on the again of 5.6% each day beneficial properties, having sought to problem $2,900 in a single day.

ETH/USD 1-hour candle chart (Bitstamp). Supply: TradingView