Bitcoin and crypto market analysis: February 01, 2021
Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter Bio, and a record number of options contracts expired. However, despite the spike, soon enough the world’s largest crypto was drifting back to earth. This wild swing concluded an otherwise relatively quiet week in the cryptoasset market. Bitcoin largely drifted sideways as a report revealed […]
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It was an eventful week for investors of all kinds. Momentum was injected into markets by Joe Biden’s apparent election win and the news of the Pfizer and BioNTech vaccine trial showing a 90% efficacy. The S&P, Dow Jones and the FTSE 100 all rallied significantly on the news before the upward trend leveled off. […]
During the end of 2020 and into 2021, a great number of digital assets have seen significant gains and the bearish season that followed 2017 has turned its course. Bitcoin touched an all-time price high on February 11, 2021, reaching $49k per coin and three-month stats show bitcoin is up 198%. Despite the phenomenal 90-day gains, numerous alternative crypto assets have seen much larger increases. The infamous dogecoin, for instance, has spiked 2,322% during the last three months. Crypto Asset Market Performances in 2021 Bitcoin and the crypto economy has steadily surpassed the $1 trillion....
As one of the major indicators for the valuation of public chains, Total Value Locked (TVL) measures the level of prosperity and the fundamentals of a public chain’s ecosystem, especially for public chains with extensive applications on DeFi. During the short bull market that has just ended, native public chain tokens differed from one another in terms of their performance in the secondary market. Even for public chains with moderate performance like BSC, the TVL rebounded after the May 19 crash. However, their token prices have been lower than those of other public chains (e.g. Solana)....
Bitcoin on-chain analysis can be a good way to try to guess where the market is headed. The market tends to repeat itself with metrics looking the same before a bull or a bear rally, thus making this data a pretty good indicator of what’s to come. Analyst Willy Woo uses this same data to demonstrate a pattern that occurs before the bull rally, the criteria which are being met once again. Start Of A Bull Run? In a recent string of tweets, analyst Willy Woo presents data from on-chain analysis that points to the bitcoin dump having reached its bottom. According to him, “Price in relation to....
Bitcoin price has been trading sideways for days, and the question on traders' minds was: "To which side will price break out?". xbt.social analysis has been making a case for the upside. This analysis is provided by xbt.social with a 3 hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29. Bitcoin Price Analysis. Time of analysis: 16h50 UTC. BTC-China 1-Day Chart. From the analysis pages of xbt.social, earlier today: The daily BTC-China chart has support and resistance levels drawn in grey. The path of the 200-day moving average....