Bitcoin (BTC) crossed $47,000 on January 3rd as the first Wall Street trading days of 2022 started off modestly.
Ethereum steals the limelight
Data from Cointelegraph Markets Pro and TradingView shows that BTC/USD started the week in a narrow range, with traders splitting short-term results.
Popular Twitter account Galaxy “It was only a matter of time before BTC broke, and the longer it takes, the harder it will be.” Abbreviation,
“Q1 is only up. You heard it here first.”
However, such optimism was far from universal. For Cointelegraph contributor Michael van de Poppe, it is time to take a closer look at altcoins compared to BTC.
“Nice bounce off Ethereum and I think it’s down,” he said About the ETH/USD situation on Monday.
“Still needs additional confirmation, but shows more strength than bitcoin at this point. Last confirmation is above $4,100.”
At the time of writing, ETH/USD is up over 2% in 24 hours, with BTC/USD showing no inclination to tackle its daily highs on the contrary.
In macro markets, the S&P 500 was a touch at Wall Street’s open amid predictions that the first half of the year would be another boon for equities across the board due to the prospect of a hike in key interest rates.
Meanwhile, the US dollar saw a sudden uptick on Monday, with the US Dollar Currency Index (DXY) rising sharply – as is customary, to the detriment of bitcoin.
Ignore the Bearish Difference
Meanwhile, among bitcoin-focused analysts, TechDev has led the call for a bearish halt, arguing that on-chain indicators do not support a bearish thesis.
related: New Year, Same ‘Extreme Fear’ – 5 Things to Look for in Bitcoin This Week
He said over the weekend that concerns about both the Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are still to print a bearish outlook compared to the more fundamental indicators.
4/
2 points are valid to indicate, but I would not focus on them as they are not historically accurate in identifying macro cycle trend changes.
2 that is? Macro LL and 2W RSI floor break. None of this has happened.
If they do, my macro outlook will change. pic.twitter.com/qUedP5juZ8
— TechDev (@TechDev_52) 3 January 2022
With convictions staying high and sales declining, TechDev was in good company.
Entrepreneur Alistair Milne said, “We’ve come a long way from being the buyer of last resort from nerdy retail HODL’ers, in case no one noticed.” couple,
“Now we have billionaires, multinationals and countries waiting to buy dips. Anyone who is taking the other side of the business needs to get their heads checked IMO.”
A new influx of institutional interest is considered by some to be ready to start this month.
