Price analysis 2/11: BTC, ETH, BNB, XRP, ADA, SOL, LUNA, AVAX, DOT, DOGE
Bitcoin (BTC) is attempting to bottom out and whales seem to be helping it do that. Coin Metrics data shows that whale addresses holding at least 1,000 Bitcoin have been accumulating in the past few days. The total supply of these addresses rose from 7.95 million Bitcoin on Jan. 24 to 8.096 million on Feb. 10.
Another sign that investor sentiment could be turning positive is that crypto exchange balances of stablecoins have soared above $27 billion for the first time, according to on-chain analytics platform CryptoQuant. In comparison, Bitcoin reserves on the exchanges have continued to slide, indicating that investors are stashing their holdings.
Although Bitcoin has been closely correlated with the U.S. equity markets in the short term, Zhu Su, co-founder of hedge fund Three Arrows Capital (3AC), believes their performance will diverge in 2022. Zhu suggested that Bitcoin and Ether (ETH) are candidates for going long while the S&P 500 is a short candidate.
After the recent recovery in Bitcoin and altcoins, is it time for a minor correction or consolidation? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin turned down from the overhead resistance at $45,456 on Feb. 10, indicating that bulls continue to defend the level aggressively. A minor positive is that bulls have not allowed the price to break below the 50-day simple moving average ($42,427).
This indicates that bulls are attempting to flip the 50-day SMA into support. The rising 20-day exponential moving average ($41,317) and the relative strength index (RSI) in positive territory indicate a slight advantage to buyers.
If the price bounces off the current level, the bulls will make one more attempt to push the BTC/USDT pair above $45,456. If
Read more on cointelegraph.com
