In today’s bitcoin and cryptocurrency news, learn that even if a golden cross has been formed on the daily chart, Bitcoin is still being challenged by a “death cross” on the weekly timescales. Meanwhile, the price of Bitcoin is hovering at $23,360. This represents a gain of around 2.4% over the course of the last twenty-four hours. Cryptocurrencies are trading in the green amid an improving market sentiment. Lastly, the price of Bitcoin and Ethereum moved just slightly this week, but other large-cap cryptocurrencies, including Shiba Inu, experienced big gains.
Bitcoin Hits Golden Cross 2 Months Before All-time High
Original Source: Bitcoin sees golden cross which last hit 2 months before all-time high
Despite a daily golden cross, Bitcoin faces a “death cross” on weekly timescales.
As a significant chart phenomena occurred for the first time in 18 months, Bitcoin BTC $23,214 hovered near $23,000 on Feb. 7.
Bitcoin crosses battle starts.
Cointelegraph Markets Pro and TradingView data showed BTC/USD moving sideways overnight after avoiding turbulence during the week’s first Wall Street open.
The pair saw a “golden cross” on the daily chart on Feb. 6, but failed to switch $23,000 to support.
The rising 50-period moving average crossed the 200-period moving average. This last happened on daily timescales in September 2021, two months before Bitcoin’s all-time high.
Venturefounder, a contributor to on-chain analytics platform CryptoQuant, has followed the cross and predicted $25,000’s return.
“Bitcoin goldencross just happened!” he said on Twitter.
An imminent “countercross” on weekly timeframes, when the 50-period moving average dropped below the 200-period one, a phenomena known as a “death cross” for its negative influence on BTC price movement, muddled the picture.
Material Indicators was unsure if the golden cross alone could boost BTC/USD.
“Whether that’s enough to get a credible test of the $25k area remains to be seen,” it stated in a post on the Binance order book.
An accompanying graphic revealed strong resistance in the shape of ask liquidity piled at $23,500—the first big obstacle for bulls to overcome if prices rise.
Powell speech was macro week’s sole factor.
The US Federal Reserve’s remarks were another aspect for Feb. 7.
Multiple Fed officials were scheduled to speak ahead of next week’s macroeconomic data releases, with Chair Jerome Powell thought to have the greatest market-moving potential.
The only thing to watch this week is Powell tomorrow afternoon. “Perhaps one more sweep for correction and then the party should continue rising upwards,” tweeted Cointelegraph writer Michaël van de Poppe on Feb. 6.
Van de Poppe said that altcoin whales would “buy the dip” in the meantime, like Material Indicators did with Bitcoin.
Positive on-chain Indicators for Bitcoin Are Emerging
Original Source: Bitcoin’s on-chain metrics are flipping bullish: Bitfinex report
Bitcoin is trading about $23,360 at the time of writing, up 2.4% in the previous 24 hours as cryptocurrencies flash green on Tuesday amid better market mood.
The world’s largest cryptocurrency’s on-chain indicators are rising, suggesting a positive argument.
Supply in Profit up 20% indicates buy signal.
The Supply in Profit indication may be one of Bitcoin’s on-chain gauges indicating new rising momentum, according to Bitfinex experts. As short-term and some long-term HODLers profit, bulls appear to have absorbed selling pressure.
The experts’ Monday analysis noted a 20% increase in the “supply in profit” chart in January 2023 on the 90-day time frame.
“This means that larger and longer-term investors now hold successful on-paper spot bets. The Bitfinex team said, “This is healthy for the later part of a bear market since a sustained 30-day rally after an extensive slump on this indicator has traditionally produced a favorable buy signal for the next two years.”
The foregoing scenario doesn’t indicate the crypto market would move “up-only.” However, the forecast suggests bulls have the upper hand in spot markets, which is typical of “late bear and early bull markets.”
Historically bullish, the Bitcoin Realised HODL (RHODL) Multiple has also been rising. The RHODL Multiple has been positive for 90 days, indicating profitability for HODLers.
Key data predict a 10x BTC price increase.
Other technical indications turning green include the net adjusted Spent Output Profit Ratio. According to on-chain statistics, Bitcoin market net sales are lucrative.
In addition, the Realised Profit to Losses (RPLR) ratio is above zero, confirming recent lucrative selling. The metric is approaching 0.2, a level similar to the RPLR gauge when Bitcoin price dropped below $3,600 in 2019. After the RPLR touched 0.2, BTC price turned green and soared 19x, reaching its all-time high in November 2021.
With the measure nearing this ratio after Bitcoin plummeted to $16,000, another 10x surge may see BTC reach $160,000 in two to three years.
HODLer conviction is strong based on Bitcoin’s reserve risk ratio.
On a longer time period, Bitcoin’s on-chain metrics are optimistic. Technical indicators include the Reserve Risk ratio.
Glassnode, an on-chain analytics tool, reports that Bitcoin’s reserve risk ratio is at an all-time low. Bitfinex experts noted that the indicator is lower than when markets bottomed in 2019 or 2020.
A very low ratio indicates investor conviction since the ratio is a cyclical oscillator that shows price vs. HODLer conviction, with incentive to sell adjusted against opportunity cost.
The Market Value Realized Value (MVRV) ratio has rebounded and has generally correlated with historically strong returns, indicating a favorable prognosis for Bitcoin.
Render and SHIB Rise While Bitcoin Stalls
Original Source: This Week in Coins: Bitcoin Barely Budges, But Render and SHIB Surge
Bitcoin and Ethereum resumed their steady 2023 rise with minor increases this week after temporarily dropping last week. However, numerous other top cryptocurrencies rose significantly.
Bitcoin (BTC) is trading just around $23,400 after gaining 1% in the past week. Despite rising energy prices and a recent round of bankruptcies, bitcoin mining difficulty reached a new high this week.
MicroStrategy, a Bitcoin-exposed cloud software business, has seen its stock price grow about 100% since 2023 and 12% over five days this week. MicroStrategy chairman Michael Saylor is a Bitcoin bull and has stocked the corporate war chest with 132,500 BTC, worth over $3.1 billion today.
CoinGecko statistics shows that Ethereum (ETH) increased 5% to $1,680. The Shanghai update, which will let validators to withdraw their profits, was tested on Wednesday. Validators must invest 32 ETH (almost $54,000) to validate transactions and get incentives.
Both market leaders momentarily dropped on Monday in expectation of another round of Federal Reserve interest rate rises. The U.S. central bank raised interest rates four times last year, including a 75-basis-point increase in December. The 25-basis-point raise announced on Wednesday boosted crypto prices.
At the time of writing, Polygon’s MATIC token traded at $1.27. Dune statistics showed that Polygon sold more individual NFTs than Ethereum via top marketplace OpenSea for the second month in a succession in January, amid a drive for brands and Web3 games.
Ethereum Classic (ETC) increased 9% to about $24, Cosmos (ATOM) rose 9% to just under $15, Litecoin (LTC) rose 12% to around $99, and popular Ethereum-based meme currency Shiba Inu (SHIB) rose 29% to $0.00001513 as of this writing.
After a new foundation was established and DAO voters approved a new tokenomics model, Render (RNDR), the token underpinning the blockchain-based distributed rendering solution Render Network, soared 95%.
LEO Token (LEO) investors suffered almost 11% losses this week. The official utility token of crypto exchange Bitfinex is $3.41.
Finally, on Wednesday, the UK Treasury laid out crypto company regulations. Companies wanting to set up shop in the UK will need regulator approval, according to the plan. The Treasury also acknowledged the necessity to handle crypto’s “unique features.”
Summary of today’s bitcoin and cryptocurrency news
In summary, cryptocurrency experts have been keeping a close eye on the cross, with one contributor to on-chain data portal CryptoQuant, Venturefounder, claiming that $25,000 may emerge as a result. It was still unclear, according to on-chain monitoring site Material Indicators, if the golden cross alone might force BTC/USD higher.
Meanwhile, the reserve risk ratio for Bitcoin has reached an all-time low, as reported by on-chain analytics platform Glassnode. As Bitfinex experts pointed out, this makes the statistic worse than it was at the market’s worst point in 2019 or 2020.
Lastly, the price of Render (RNDR), the token underpinning the Render Network’s blockchain-based distributed rendering solution, exploded last week after a new foundation was established and DAO voters approved a new tokenomics model.
