Bitcoin makes golden cross, but above $23,000 is huge supply wall

Bitcoin (BTC) starts February a lot quieter than January for the time being. The price briefly shot above $24,000 last week following the Federal Open Market Committee (FOMC), but fell back to $23,000 over the weekend. For the past 24 hours, bitcoin has continued to frolic with $23,000, as it did a few weeks ago. At the time of writing, the BTC price stands at $23,020 on Binance and $21,480 on Bitvavo.

This means that the bitcoin price is up 1.1% today. Trading volume increased by 12% in the last 24 hours. The total market capitalization is $444 billion and the dominance is 41.4%. The Fear & Greed Index comes out at 54 (Neutral).

Bitcoin makes golden cross

The bitcoin price has just made the infamous golden cross. The 50-day moving average, which is currently around $19,800, has crossed the 200-day moving average, which is around $19,700. This is usually seen as a bullish price indicator.

Whether this will gain enough momentum to recapture the $25,000 mark remains to be seen. As Venturefounder says, it could be a good sign for the bulls its like bitcoin can make of the $25,000 support. Perhaps a retest of the 200-day MA will follow first.

Bitcoin huge supply wall

However, analyst Ali Martinez warns of a gigantic supply wall. According to on-chain data from IntoTheBlock, a whopping 1.85 million wallets bought 1.13 million BTC between $23,000 and $23,660. According to the analyst, the price must quickly get over this wall to prevent them from selling again.

Jerome Powell speech today

This week will remain a lot quieter on the macroeconomic front than last week. Nevertheless, it may be worth following Federal Reserve Chairman Jerome Powell’s speech later today. He may offer more insight into the Fed’s policy, which has a major impact on the financial markets for the time being.

DCG sells Grayscale

Finally, the Financial Times reports that the Digital Currency Group (DCG) has started selling shares of Grayscale, the largest bitcoin asset manager in the world. More on this on Crypto Insiders later today.

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