Crypto Market Starts Stable, Bitcoin Ready to Step on Forward

money.nikaniku.com – Crypto Market Starts Stable, Bitcoin Ready to Step on Forward. Bitcoin price has gained a bit of strength so far this week. That’s because investors hope the worst crypto liquidity crisis is over. As of Friday, bitcoin had risen 13.63 percent in the week, and was at its best since October, according to Coin Metrics.

The price was observed to reach the highest position at USD 22,478.37 and the lowest level around USD 17,000 in June. Bitcoin last traded with a gain of less than 1 percent on the day at USD 21,798.40, as of 4:00 pm ET. Previously, Three Arrows Capital, a crypto-focused hedge fund, filed for bankruptcy last week.

It comes after a sharp drop in the price of the digital currency and exposed a liquidity crunch in the company. Hartmann Capital’s managing partner, Felix Hartmann, assessed that the conditions experienced by Three Arrows could be transmitted to exchange companies or smaller crypto funds. However, he observed that there was no domino sentiment that could potentially bring crypto back down.

“If the crypto industry can run a month without bad news or bankruptcy, it’s very possible that the market could double up,” he said, citing CNBC, Saturday (9/7/2022).

Lead crypto analyst at Titan Gritt Trakulhoon said USD 22,500 to USD 23,000 is a resistance level to watch for bitcoin. “If it breaks above that threshold, Bitcoin should rise fairly quickly to its next stop which is USD 28,000,” he added.

This is the Prospect of the Crypto Market Amid the Domination of Negative Sentiment

Crypto Market Starts Stable, Bitcoin Ready to Step on Forward

Previously, the movement of the crypto market since early July 2022, was not quite satisfactory. Over the weekend, a number of large cap crypto assets were still moving below their resistance levels. Although it had strengthened, overall cryptocurrencies were still in the price range they had occupied for a long time.

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For example, Bitcoin even though it strengthens, the price is still stuck in the range of USD 20,000 or around Rp. 299.5 million. Despite the high gains, so far Bitcoin can only touch USD 21,000.

Tokocrypto trader Afid Sugiono explained that the movement of crypto forwards based on on-chain data analysis and the technical side, crypto assets still have the potential to weaken quite deeply, even though the price level of crypto assets is currently sideways or flat.

“Crypto market movements actually follow the general sentiment of investors who are avoiding risk, as reflected by the weakness in the US stock market,” Afid said to Liputan6.com, Tuesday, July 5, 2022.

Until now, investors believe the US economy will soon enter the brink of recession. They are also afraid that US economic growth will fall further considering that the US central bank, The Fed, has repeatedly emphasized its steadfastness in raising its benchmark interest rate to curb inflation.

“From a technical point of view, Bitcoin currently has the closest support at the level of USD 17,700 with the closest resistance at USD 21,051. However, it looks like this week investors are still insisting on keeping the price of BTC not falling below USD 19,000,” said Afid.

However, according to Afid, if you look at trading volume this week, it looks like it’s still dropping quite deep, so the potential for BTC to continue weakening and test its strong support level at USD 15,500 in the long term is even greater.

Bitcoin Successfully Touched Rp. 332.8 Million, This Is The Cause

Previously, the movement of the crypto market in the middle of this week, looked green due to an increase in prices. Since the start of the week, the market has been struggling not to drop below its psychological level of around USD 20,000 or Rp. 299.3 million.

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Launching the Coinmarketcap website, on Friday (8/7/2022) afternoon, the 10 largest crypto assets with the largest market capitalization or big caps successfully advanced to the green zone in the last 24 hours. The value of Bitcoin (BTC) soared 7.11 percent to USD 22,234 (Rp 332.8 million) per chip in the last day.

Tokocrypto trader, Afid Sugiono, saw the movement of the crypto market which experienced a brief increase because investors were getting excited, after seeing the dynamics that occurred in the US stock market index.

Investors tracked major stock markets including the Nasdaq, S&P 500 and Dow Jones Industrial Average all up, albeit slightly.

“Crypto investors turned out to be a little excited to see the US stock market also experiencing an increase. This is only natural, they always look in the mirror at the US stock market, to see the overall market interest in risky assets in general,” Afid said in a written statement, quoted on Friday ( 8/7/2022).

Crypto and Stock Markets Are More Harmonious

The latest Coin Metrics report shows that the correlation between crypto assets and the US stock index has reached its strongest level in the second quarter of 2022 since March 2020. You could say Bitcoin and US equities are moving almost parallel.

However, this brief rally is likely predicted to be temporary. According to Afid, the main sentiment of the crypto market is not yet conducive. Investors are still watching the macroeconomic dynamics and the effectiveness of the Fed’s monetary policy tightening on the inflation rate

Worried Investors

Then, the failure of crypto platforms, Three Arrows Capital (3AC) and Voyager also made investors nervous.

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“The current state of the crypto market is not in good shape. There are still many more blows that could hit further, ranging from macroeconomic uncertainty, the aggressiveness of the Fed to the failure of the crypto ecosystem system itself. Investors believe they don’t see prices going up in the near future, except for unexpected changes happened,” said Afid.

Afid sees investors eagerly waiting for US inflation data which will be released next week. The data may indicate the Fed’s monetary policy is effective or not. If inflation drops and other economic indicators also continue to decline, investors may feel more confident entering the crypto market.

Especially for the movement of Bitcoin itself, Afid sees that currently there is still a tendency to consolidate and there is a potential for a price decline in the range of USD 18,000 to USD 20,000. Bitcoin has ‘rested’ above USD 20,000 for the third day in a row.

 

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