What 1-hour chart says?
Fundamental Development:-
Crypto newcomers who bought into the leading cryptocurrency by market cap, Bitcoin (BTC), are mainly underwater According to the CEO of Crypto Quant, Ki Young Ju, BTC newcomers that joined in early 2021 are still underwater. He added that they make up 75% of the total realized market cap. The crypto market tracker website, CoinMarketCap, shows that BTC’s price has risen over the past 24 hours at around 6.81%, taking its price up to $23,371.30. This also means that BTC’s price is up 20.25% over the past week. BTC has also strengthened against Ethereum’s (ETH’s) price by 3.99%, as one BTC is worth approximately 14.98 ETH at the time of writing. Is there any chance that BTC investors that invested in early 2021 will recover their losses and potentially make a profit?
Short Term Technical View: On daily period, BTC is trading below 200&50 simple moving averages and trading near $22700 -$23800 ranges. BTC made low 22900 and now consolidating within a range. Yesterday it made high near $23700 and then it continue to decline. Bitcoin is struggling to gain momentum above $22,800.
Alternative Scenario: If Bitcoin fails to clear the $22,800 resistance zone, it could start another decline. An immediate support on the downside is near the $22,800 level.
Crypto newcomers who bought into the leading cryptocurrency by market cap, Bitcoin (BTC), are mainly underwater According to the CEO of Crypto Quant, Ki Young Ju, BTC newcomers that joined in early 2021 are still underwater. He added that they make up 75% of the total realized market cap. The crypto market tracker website, CoinMarketCap, shows that BTC’s price has risen over the past 24 hours at around 6.81%, taking its price up to $23,371.30. This also means that BTC’s price is up 20.25% over the past week. BTC has also strengthened against Ethereum’s (ETH’s) price by 3.99%, as one BTC is worth approximately 14.98 ETH at the time of writing. Is there any chance that BTC investors that invested in early 2021 will recover their losses and potentially make a profit?
Short Term Technical View: On daily period, BTC is trading below 200&50 simple moving averages and trading near $22700 -$23800 ranges. BTC made low 22900 and now consolidating within a range. Yesterday it made high near $23700 and then it continue to decline. Bitcoin is struggling to gain momentum above $22,800.
Alternative Scenario: If Bitcoin fails to clear the $22,800 resistance zone, it could start another decline. An immediate support on the downside is near the $22,800 level.
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