Bitcoin Falls Below $ 47,000 As Rising US Dollar Holds BTC Price Performance Down
It doesn’t look very good for Bitcoin in short periods of time, and Ethereum is becoming an increasingly popular bet.
Bitcoin ( BTC ) crossed the $ 47,000 level on January 3 when the first Wall Street trading days of 2022 got off to a modest start.
Ethereum steals the spotlight
» It ‘s just a matter of time before BTC explode, and the later, stronger rise» , summed up the popular Galaxy Twitter account.
«The first trimester is just up. You heard it here first.»
However, that optimism is far from universal. For Cointelegraph contributor Michaël van de Poppe, the time had come to take a closer look at altcoins than BTC.
«Ethereum’s good bounce and I think it has bottomed out,» he said of the ETH / USD pair on Monday.
«Additional confirmation is still needed, but it shows more strength than Bitcoin at this point. Final confirmation above $ 4,100.»
The ETH / USD pair is up more than 2% in 24 hours at the time of writing, and BTC / USD, by contrast, did not show any inclination to tackle even daily highs.
In macro markets, the S&P 500 rose slightly at the Wall Street open, amid predictions that the first half of the year would be a further boon for stocks overall thanks to the prospect of key interest rate hikes. .
Meanwhile, the US dollar experienced a sudden boost on Monday, with the US Dollar Currency Index (DXY) rapidly gaining, as usual, to the detriment of Bitcoin.
Never mind the bearish divergence
Among Bitcoin-focused analysts, meanwhile, TechDev led efforts to nullify the downtrend, arguing that on-chain indicators do not support a bearish thesis.
Concerns about the Relative Strength Index (RSI) and Moving Average Convergence / Divergence (MACD) pale in comparison to more fundamental indicators that have yet to show a bearish outlook, he said at the weekend.
The 2 points are valid for pointing, but I am not concentrating on them as they have not been historically accurate in identifying macrocycle trend reversals.
2 what do they have? 2-week macro LLs and RSI breakouts. Neither of which has happened.
If they do, my macroeconomic outlook will change.
With conviction remaining high and selling declining, TechDev was in good company.
«If anyone noticed, we’ve come a long way since the nerds hodlers retailers were the buyers of last resort» , said the businessman Alistair Milne.
«Now we have billionaires, multinationals and countries waiting to buy the dips. Whoever is considering the other side of the trade needs to have their head examined in my opinion.»
Some believe that a new influx of institutional interest is set to begin this month.