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 Fear and Greed Index is 61 – Greed
Current price: $23,780 pic.twitter.com/U5gxN3AwnT— Bitcoin Fear and Greed Index (@BitcoinFear) January 30, 2023
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.
#Bitcoin Enters Technical Golden Cross and a New Paradigm
“As a summary, bitcoin currently sits at an intersection of multiple crucial indicators, heading into a new paradigm.”
by @oinonen_t— CryptoQuant.com (@cryptoquant_com) February 5, 2023
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 goldencross just happened!
This potential correction could see #BTC reset $20k (#200DMA and key support), then in the bullish case, test $25k next.
Make $25k support and it’s nail in the coffin for the bears. pic.twitter.com/baPFOTECCG
— venturefoundΞr (@venturefounder) February 6, 2023
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.
Note that #Bitcoin trades below a massive supply wall!
Data from @intotheblock shows that ~1.85 million addresses purchased ~1.13 million $BTC between $23,000 & $23,660.#BTC needs to reclaim this area as support very soon to prevent these addresses from selling their holdings. pic.twitter.com/OuWgAV4jEq
— Ali (@ali_charts) February 6, 2023
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.
The Financial Conditions Index for the US is back to the “normal” range.
Methinks this is not what the Federal Reserve is looking for. pic.twitter.com/VMu4I1HnjW
— ecoinometrics (@ecoinometrics) February 6, 2023
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.
According to FT, DCG has begun selling its stake in its subsidiary Grayscale Trust at a discounted price to raise funds to repay Genesis creditors. Since Jan. 24, DCG has sold a quarter of its Ethereum Trust at around $8 per share, raising $22m.https://t.co/FwPhCXC6v7
— Wu Blockchain (@WuBlockchain) February 7, 2023
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