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Bitcoin and Nasdaq 100 have been clobbered in 2022 as both are down about 15% but in the same period, gold has risen about 10%. This shows that in a high inflation, rising rate environment, investors have shunned assets perceived as risky and are sticking to gold, which is a proven inflation hedge.
Another positive sign has been that Bitcoin balances on the crypto exchanges have continued to decline. Data from on-chain analytics firm CryptoQuant shows that the cumulative balance of Bitcoin at 21 major exchanges has declined to its lowest level since July 2018. This suggests that investors have been withdrawing their Bitcoin to HODL for the long term.
The buyers attempted to push Bitcoin back above the 50-day simple moving average (SMA) on April 13 and 14 but the bears did not relent. This suggests that bears are trying to flip the 50-day SMA into resistance.
The bears tried to extend the correction on April 18 but the long tail on the day’s candlestick shows strong buying at lower levels. The recovery is likely to face strong resistance at the moving averages.
The downsloping 20-day exponential moving average (EMA) and the relative strength index (RSI) in the negative territory suggest that bears have a slight edge.
If the price turns down from the moving averages, the possibility of a drop to $37,000 increases. The buyers are expected to defend this level aggressively.
If the price rebounds off $37,000 with strength, it will suggest that the BTC/USD pair could remain range-bound for a few more days.
If the price turns up from the current level and rises above the 50-day SMA, the short-term momentum may shift in favour of buyers.
The pair could then rally to $44,000 and later to $45,855.
Lastly please check out the advancement’s happening in the cryptocurrency world.
Enjoy the issue!
Featuring in this week's Edition:
- Charity Token
- Loop Vantures
- Faith Tribe
- Ernest in Disguise
- Hubble Protocol
- Have NFT
- The Assembly
- Ninja Fantasy Trader
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230th Latest Crypto News Digital Magazine | 19th April 2022 - Platinum Crypto Academy