Bitcoin (BTC) crossed $ 47,000 on January 3, when the first trading days on Wall Street in 2022 began modestly.
1 hour candlestick chart BTC / USD (bit stamp). Source: TradingView
Ethereum attracts attention
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD traded in a tight range earlier in the week, with traders sharing short-term results.
The famous Galaxy Twitter account summed up: “BTC hacking is just a matter of time, and the longer it takes, the harder it will be to pump.”
“Q1 only. Did you hear that here first.”
However, this optimism was far from universal. It’s time for Cointelegraph contributor Michael van de Poppe to take a closer look at altcoins compared to BTC.
“Good recovery from Ethereum, and I think it has bottomed out,” he said of the state of ETH / USD on Monday.
“Further confirmation is still needed, but it is currently showing more strength than Bitcoin. Final confirmation over $ 4100.”
At the time of writing, ETH / USD is up more than 2% in 24 hours, with BTC / USD showing no tendency to reach daily highs.
1 hour Japanese candlestick chart ETH / USD (bit stamp). Source: TradingView
In macro markets, the S&P 500 rose slightly at the opening of the Wall Street due to expectations that the first half of the year will be another boon for stocks across the board, thanks to the prospect of a key policy rate hike.
Meanwhile, on January 3, the US dollar rose suddenly and the US Dollar Index (DXY) rose rapidly – as usual, at the expense of bitcoin.
1 hour candlestick chart of the US Dollar Currency Index (DXY). Source: TradingView
Do not worry about the bearish bias
Meanwhile, among Bitcoin analysts, TechDev has called for a downside suppression, claiming that indicators on the chain do not support the bearish thesis.
On this topic: New Year’s Eve, the same ‘extreme fear’ – 5 things to look for in Bitcoin this week
He said at the weekend that concerns about both the Relative Strength Index (RSI) and the Moving Average Convergence / Difference (MACD) are fading in relation to more fundamental indicators that still lack bearish expectations.
With continued high convictions and declining sales, TechDev was in good company.
“In case no one noticed, we have come a long way from retail nerds, HODLs, to buyers of last resort,” added founder Alistair Milne.
“We now have billionaires, multinational companies and countries waiting for an unsuccessful acquisition. Anyone taking the other side of the trade should check their heads on the IMO. ”
Some believe that a new influx of corporate interests will begin this month.