Bitcoin price breaks 8-week high, Ethereum gains $1,800

Bitcoin price breaks 8-week high, Ethereum gains $1,800

Bitcoin (BTC) looked to hit new highs when Wall Street opened on August 8, with emerging US inflation data boosting sentiment.

1-hour candlestick chart of the BTC/USD pair (Bitstamp). Source: Trade View

$25,000: The next major resistance for BTC

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD, which gained $24,246 on Bitstamp, the best level since July 30.

At the time of writing, the pair was within an inch of its mid-June high as traders and analysts scanned the charts for signs of resistance.

For on-chain monitoring resource Content Indicators, this came in the form of sellers at $25,000 and bitcoin’s 100-day moving average (MA).

“The bear market rally is pumping ahead of this week’s CPI report,” he said. writing as part of his latest Twitter update.

A chart accompanying the remarks showed that the daily chart was still characterized by long signals, with the 100-day MA around $25,650.

Order book data is from the world’s largest stock exchange, Binance reinforced Expect friction in this zone, with selling liquidity rising around the $25,000 mark.

BTC/USD (Bitstamp) 1 day candle chart with 100-day MA. Source: Trade View

The release of the Consumer Price Index (CPI) on August 10 was the main risk factor for risky assets as markets wait to see if US inflation has peaked.

While this would theoretically allow cryptocurrencies to breathe a bit, commentators have said there is a risk of a major stock market correction, as cryptocurrencies are still highly correlated.

The actions of Larry Fink, CEO of the world’s largest asset manager, BlackRock, have added to concerns that risky assets are at the center of a bear market relief rally.

After last week’s partnership with US exchange Coinbase, Fink sold a tranche of more than 44,000 BlackRock shares this month, his first wholesale sale since the months before the March 2020 COVID-19 crash.

Larry Fink, CEO of Blackrock, the world’s largest asset manager with more than 10 trillion euros in assets, sold an additional 8% of his own shares this week. this is his biggest stock selloff after covid, his last big stock selloff was before the covid crash. $BLK — Gurgavin (@gurgavin) August 8, 2022.

“I think the only thing that can bring prices back down is for the stock market to have another big pullback,” he said. for follow up trader and expert Max Rager on the day.

“Outside, it’s hard to see anything adding as much sales pressure as we had with the two LUNA/3AC events.”

Rager argued that since the majority expected a trip to the June lows or worse, that was no longer the cause of the market’s “maximum pain.”

Ethereum Merge Could Just Be A Communication Effect

Among the top ten cryptocurrencies by market capitalization, bitcoin did not have the best daily or even weekly performance.

Related: Has US inflation peaked? 5 things to know about bitcoin this week

The leading tokens were Ether (ETH), Solana (SOL) and Polkadot (DOT), which posted returns between 5% and 8.5% over 24 hours.

The ETH/USD pair, amid continued speculation on the Merger and its outcome, hit $1,817 on Binance, posting its highest level since June 9.

For the chain analysis company Glassnode, the good times could continue until the event itself, which is scheduled for September.

“There is very little directional bias in bitcoin derivative markets. On the Ethereum side, however, traders clearly have a long bias, which is strongly expressed in options contracts headed for September,” she wrote about traders’ plans in the latest edition of her newsletter, The Week On Chain“, published on 8 August.

“The futures and options market has been falling since September, suggesting that traders are expecting the Merger to be a ‘buy the rumour, sell the news’ event, and have positioned the outcome own. »

ETH/USD 1 day appointment chart (Binance). Source: Trade View

The views and opinions expressed herein are solely those of the author and do not necessarily reflect those of All investment and business transactions involve risk. You should do your own research before making a decision.

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