Categories: Crypto Review

Has Bitcoin hit bottom?

The rebound of bitcoin began along with the growth of European stock indices at the beginning of the day. They corrected up after three days of decline on the crisis around Ukraine. Futures for the S&P 500 and Nasdaq, with which BTC has been highly correlated lately, also showed gains on Tuesday.

So far, the rebound of risky assets, which includes cryptocurrencies, can be considered as a movement within a downtrend. Bitcoin has been trying to correct from levels close to the lows of February, but this is probably not the bottom yet.


Expectations of a rate hike by the US Federal Reserve and rising geopolitical tensions are putting pressure on all risky assets. Despite the rather low levels of the Cryptocurrency Fear Index, the history of the indicator suggests that the best moments to enter were periods of falling into the 10 area.


Meanwhile, Ricardo Salinas Pliego, one of the richest Mexican billionaires, called for not selling bitcoin during the fall. In his opinion, BTC will rise in the long term.


Overall, Bitcoin is up 3.6% over the past day to $38,100, closing Tuesday higher after five days of decline. Ethereum gained 6.1% over the same time period, while other leading altcoins from the top ten showed mixed dynamics: from 4% growth in XRP to 13% in Terra.


The total capitalization of the crypto market, according to CoinGecko, decreased by 1.5% over the day to $1.79 trillion. Altcoins grew worse than the first cryptocurrency, which led to an increase in the Bitcoin dominance index by 0.4%, to 40.3%.

The index of fear and greed turned back again, losing 5 points to 25 and remaining in a state of “extreme fear”.

The FxPro Analyst Team

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team

Recent Posts

Nasdaq 100 Wave Analysis 23 December 2024

- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…

5 hours ago

USDJPY Wave Analysis 23 December 2024

- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…

5 hours ago

US indices: has the bullish trend broken?

The recent declines in US indices may have broken the bullish trend, indicated by technical…

11 hours ago

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

15 hours ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

16 hours ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

3 days ago

This website uses cookies