Market Overview and Bitcoin Price Analysis Short Term (9/1)
BTC Technical Analysis
BTC big frame broke through 17000, price is approaching 17300 resistance zone, exactly what the plan said last week. Currently, the long order is approaching the target 17320. Here is expected to have a correction wave for the recent uptrend. We will be waiting for a short BTC order, maybe short Altcoin based on this strategy.
📉Short
Entry: 173320
Stoploss: 17550
Target: 17020
Note: Touch Stoploss to cut, absolutely do not hold orders, price runs 50% of target, then move Stoploss to Entry.
Market Overview
Bitcoin and Altcoins rose, bringing the total market capitalization to $876 billion. Dominance of BTC reaches 37.6%
The number of active Bitcoin addresses is down -3% in the past week, to 751k, the number of active Ethereum addresses is down -19.1% over the past week, to 577k. The futures funding rate trades positive for Bitcoin (9.7%) and the funding rate is negative for Ethereum (-3.6%).
According to data from The Block, bitcoin futures contract volume fell to $386 billion in December 2022. Trading volume fell 39% month-on-month before hitting its worst month since October 2020 ( when the trading volume is 333 billion USD).
More than a year after the announcement, Mexico's central bank digital currency is still in its early stages and probably won't meet the 2024 launch date.
The prospect of a slower Fed rate hike is a major relief for the crypto market, which has plummeted in value through 2022 due to the two-year Fed monetary tightening. This sharp drop in value also caused a series of famous bankruptcies, which the crypto market is still suffering from.
BTC big frame broke through 17000, price is approaching 17300 resistance zone, exactly what the plan said last week. Currently, the long order is approaching the target 17320. Here is expected to have a correction wave for the recent uptrend. We will be waiting for a short BTC order, maybe short Altcoin based on this strategy.
📉Short
Entry: 173320
Stoploss: 17550
Target: 17020
Note: Touch Stoploss to cut, absolutely do not hold orders, price runs 50% of target, then move Stoploss to Entry.
Market Overview
Bitcoin and Altcoins rose, bringing the total market capitalization to $876 billion. Dominance of BTC reaches 37.6%
The number of active Bitcoin addresses is down -3% in the past week, to 751k, the number of active Ethereum addresses is down -19.1% over the past week, to 577k. The futures funding rate trades positive for Bitcoin (9.7%) and the funding rate is negative for Ethereum (-3.6%).
According to data from The Block, bitcoin futures contract volume fell to $386 billion in December 2022. Trading volume fell 39% month-on-month before hitting its worst month since October 2020 ( when the trading volume is 333 billion USD).
More than a year after the announcement, Mexico's central bank digital currency is still in its early stages and probably won't meet the 2024 launch date.
The prospect of a slower Fed rate hike is a major relief for the crypto market, which has plummeted in value through 2022 due to the two-year Fed monetary tightening. This sharp drop in value also caused a series of famous bankruptcies, which the crypto market is still suffering from.
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