Bitcoin (BTC) is up 9.1% in the last 24 hours and is up 2.2% since midnight. The current price at the time of writing is $23,170 on crypto exchange Coinbase and €22,670 on the Dutch exchange bitvavo. Trading volume increased 33.8% in the past 24 hours. Bitcoin’s total market cap is at $443 billion at the time of writing and bitcoin dominance stands at 41.2%.
Bitcoin news from yesterday
Yesterday was a very important day for both bitcoin and traditional financial markets. Yesterday the Federal Open Market Committee (FOMC) took place again. Following this, the Federal Reserve announced that it would raise interest rates in the US by 75 basis points. Miraculously, this was lower than the market expected, which had already priced in the worst-case scenario. The BTC price immediately skyrocketed with more than $1,000.
These two phases determine the BTC price
Today we take a bitcoin analysis of Twitterer Shayan a closer look. The analyst recently took a long-term look at the price. The chart below shows that the analyst expects a further price decline in the medium term.
Shayan notices that the BTC price moves in phases. Each stage gets steeper and shorter. First we see the “expantion” phase (the blue line), in which the price drops rapidly before moving into the “correction” phase (yellow channel). This is a period of sideways or slightly upward price action. Eventually, the price will break out of this channel to establish a new bottom during an expansion phase.
The analyst notes that the price is currently completing the Correction phase. If bitcoin were to return to the bottom of this channel, the price could break through this for another new expansion phase. Although this correction should again be slightly shorter but steeper, the analyst expects the price to fall.
Premium crypto analysis of the day: ETH
Ethereum (ETH) has performed surprisingly well over the past few weeks. Initially, in the Discord Community from Crypto Insiders shared an analysis where a buy zone was signed at $895. It was then hit exactly. In the end we were able to draw a sell zone at the $1,640 and this too was achieved. The ETH price has risen by 83% since the buy zone.
At the moment, however, Crypto Insider analysts have said that they fear a decline. The full ETH analysis is also in the Discord environment to read.
Would you like to read these types of analyzes sooner? Then take a look at the Premium environment. Here you can also get in touch directly with various analysts and crypto enthusiasts who are ready to help you!
Trade with Crypto Insiders on Discord
Are you looking for help with crypto trading? Then we would like to refer you to our Discord group for members. Here, experienced analysts and traders discuss their analysis and trading plans on a daily basis. We are also the first to share our technical and fundamental analyses. In our Discord community we can share knowledge with each other 24/7 and we try to keep our premium members informed.
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences and are for educational purposes only.
