Despite the dizzying rally to $42.3k, traders warn that if the current macro outlook stays the s...
Despite the dizzying rally to $42.3k, traders warn that if the current macro outlook stays the same, Bitcoin and altcoins are still in “real pain”.
Bitcoin (BTC) was down slightly at the Wall Street open on Jan. 11 after the major cryptocurrency failed to break resistance above $42,000.
Bitcoin (BTC) fell slightly at the Wall Street open on Jan. 11 after the largest cryptocurrency failed to break resistance above $42,000, but fresh comments from U. Jerome Powell appear to be giving markets a boost.
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According to Powell, the United States is likely to remain in a low-interest-rate environment for some time, a comment that stocks and risky assets like crypto seem to appreciate.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to the middle of a tight range that it has now spent four days in.
Breakout," Cointelegraph contributor Michaël van de Poppe summarized to Twitter followers. "Overall, we are currently facing support that must hold to prevent a market breakout.
With ongoing bullish on-chain indicators and open interest showing the Raise hopes for a bullish short squeeze.
The Crypto Fear and Greed Index, fresh off a multi-month low of just 10/100, remained firm in the “extreme fear” zone after seeing a price surge overnight.
Commenting on the derivatives order book action on Jan. 10, Decentrader co-founder filbfilb said it was too early to caution. “Huge supply fills Binance, FTX and Bitfinex and a wicked daily candle.
So maybe a bit of relief for a while, but I'm a bear until things materially change," he told subscribers. It's a commercial telegram channel.
Equally precariously, a colleague Pentoshi argued that altcoins would tend to form the bull trap by ticking higher before resuming their own downtrend.
like filbfilb and others, Pentoshi has maintained a cool outlook on Bitcoin, even issuing a bearish view extending into 2022 thanks to the macroclimate.
“A lot of these alternatives seem to have a little rebound to suck people in before an awkward leg goes down.
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Many test areas have already bounced after forming parabolic elevators, but have huge areas underneath where supports were never built," he tweeted. Followers on Tuesday.
“The real pain is yet to come. Pentoshi singled out Solana (SOL) who said he was only interested in buying at very low levels between $50 and $80. SOL/USD was trading at $140 at the time of writing.
While The largest altcoin, Ethereum (ETH), rallied $3,200 as Bitcoin surged.
