With each passing week, more tension for Bitcoin and markets
Bitcoin Trader. Photo: Joshua Mayo / Unsplash
With each passing week Bitcoin loses movement volume and strength for a bullish breather.
Bitcoin is losing volume from weekly candlesticks and shows no signs of possible strength for a brief bullish breath for now.
On the chart, BTC made one more touch in the resistance zone of the bearish channel indicated by the blue line, and today it opens the weekly candle trying to make a breakout of this channel.
This will be an important week for all markets that will have to fight to stay above their respective supports turned resistance, and Bitcoin will be no different.
If it continues its bearish channel on the weekly chart, we could see bitcoin heading to its year lows again this week. The dreaded $17,000 zone.
At the time of writing this article, bitcoin is at BRL 103,900, up 1.94% in the last 24 hours, and ether is at BRL 7,040, up 3.07% in the last 24 hours, according to data from the CoinGoLive. In dollar terms, BTC is quoted at $19,440 and ether at $1,316.
The Nasdaq Index dawned with concern over the loss of support last week.
We will have this week to assess a possible move to close above support or, if it continues the bearish move, bitcoin could follow the move on its chart and also lose its support zone in the $18,900 region and head towards the $17,000.
As we have explained in other reviews, traditional markets are increasingly correlated with the bitcoin market.
NAS100. Chart: TradingView
The chart below, assembled by the pseudonymous analyst Stock Money Lizard, shows that whenever the dollar is strengthening, the price of bitcoin depreciates, mainly due to the accumulation of institutional investors who transfer their capital to American bonds that they consider to be safer to protect themselves. of volatility.
The Dollar is in an upside zone on the weekly chart and, in a brief expansion analysis, if the Dollar continues higher and breaks through the resistance zone indicated by the first horizontal yellow line indicated on the chart, we could see the Dollar go against green zone also indicated by the chart, causing the dollar to reach levels of 116,000 bps.
This, as shown in the previous chart, is a bad sign for the price of bitcoin as the currency has historically lost value as the dollar appreciates.
crypto market indices
The market capitalization of cryptocurrencies today exceeds $930 billion, with trading volume on exchanges at just over $44 billion in the last 24 hours. Bitcoin’s dominance remains at 40.1% and Ethereum’s is 17.3%.
To keep up with the macroeconomic moment of the crypto market and traditional markets, come to Foxbit’s Discord to chat with our community of traders and experts who are always connected to the main market events!