Bitcoin (BTC) exceeded $ 47,000 on January 3, 2022, with a short start in the first days of trading on Wall Street.
Chart with BTC / USD 1 hour candle (bitstamp). Source: Tradingview
Etherium is the center of attention
As of this week, Cointelegraph is operating in a narrow range of BTC / USD with data from Markets Pro and TradingView, traders are divided according to short-term results.
The popular Galaxy Twitter account summed it up: “The release of BTC is only a matter of time and the longer it takes, the harder it will be.”
“It’s just question 1. You heard it here for the first time.”
Although such optimism was far from universal. For Cointelegraph contributor Michaël van de Poppe, it’s time to take a closer look at altcoins, rather than BTC.
“It’s a good leap from Etherium and I think it’s low,” ETH / USD said on Monday.
“Additional approval is still needed, but Bitcoin is currently showing more strength. Final approval is over $ 4,100.”
At the time of writing, ETH / USD has risen by more than 2% in the last 24 hours, and BTC / USD has not even reached a daily high.
ETH / USD 1 hour graphic candlestick (bit stamp). Source: Tradingview
In the macro market, the S&P 500 opened on Wall Street and predicted that the prospect of a major interest rate hike in the first half of the year would be another advantage for all stocks.
The US dollar rose sharply on January 3, and the US dollar exchange rate index (DXY) rose sharply – traditionally due to the loss of bitcoin.
US Dollar Currency Index (DXY) One hour chart with candlestick. Source: Tradingview
Don’t think about the difference between a bear and a bear
Among Bitcoin-centric analysts, meanwhile, TechDev has called for a reduction in the alert, arguing that the indicators in the chain do not support the bear thesis.
Related: New Year, the same “extreme fear” – 5 things to look for in Bitcoin this week
Concerns about both the relative strength index (RSI) and the moving average convergence / divergence (MACD) have not yet produced a pale monthly forecast compared to more fundamental indicators, he said over the weekend.
TechDev was a good company, with more suffixes and fewer sales.
Entrepreneur Alistair Milne added: “If no one notices, we are far from annoying retail HODLs as a last resort.”
“We now have billionaires, multinational companies and countries waiting to buy dips. Everyone who takes the other side of the trade should have IMO control over their heads. ”
Some see a new wave of institutional interest set to begin this month.