Major coins traded in the green on Sunday evening, as traders looked ahead to U.S. consumer confidence index data due later in the fresh trading week. Cryptocurrency Gains (+/-) Price Bitcoin +1.52% $23,474 Ethereum +2.64% $1,634 Dogecoin +1.26% $0.081
What Happened: Apex cryptocurrency Bitcoin BTC/USD was trading above $23,000. Ethereum ETH/USD was trading at less than $1,700. Dogecoin DOGE/USD was trading at $0.081, up 1.26% in the last 24 hours.
At the time of writing, the global cryptocurrency market capitalization stood at $1.07 trillion, up 1.68% in the last 24 hours.
U.S. equities ended the week on a sour note as the latest inflation report showed a higher-than-expected increase for last month. This sparked worries among investors that the Federal Reserve may be forced to raise interest rates more aggressively. As a result, the S&P 500 and the Nasdaq Composite closed down 1.05% and 1.69%, respectively, on Friday.
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The International Monetary Fundtook a strong stance on adopting cryptocurrencies, issuing recommendations for member countries and calling for a coordinated response. It warned that the increasing popularity of cryptocurrencies poses a threat to the effectiveness of global monetary policy and urged countries to take action to regulate them.
Former FTX Chief Sam Bankman-Fried asked a courtfor additional time until March3 to find a technology expert to educate the court on VPN usage and to file a proposal for new bail conditions.
Analyst Notes: Risk aversion is running wild on Wall Street … The bond market selloff is getting ugly and that could support downward pressure for Bitcoin to the lower boundaries of its $21,500 to $25,000 trading range, said Edward Moya, a senior analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Michal van de Poppe said the total crypto market capitalization still offers a clear picture of potential near-term activity. He noted that weve seen a retest of all-time highs in 2017 as well as a double-bottom retest.
He said that were seeing a weekly bullish divergence for the first time ever, with crypto breaking above its 200-week moving average and holding support. One more week of consolidation before up, likely.
The total market capitalization for #Crypto is still providing a clear picture.
Retest of all-time high in 2017.
Double bottom retest.
Weekly bullish divergence, first time ever.
Breaking above 200-Week MA and holding support.
One more week of consolidation before up, likely. pic.twitter.com/W4jpbEwHIY Michal van de Poppe (@CryptoMichNL) February 26, 2023
Santiment's data suggests that Bitcoin and Ethereum are both having more traders sell at a loss than at a profit this week, the first such week so far in 2023. Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form, the analytics platform said.
#Bitcoin & #Ethereum are both having more traders sell at a loss than at a profit this week, the first such week so far in 2023. Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form. https://t.co/maEg5sDHM6 pic.twitter.com/0kvPUzbTQm Santiment (@santimentfeed) February 26, 2023
Analyst Justin Bennett believes that BTC's current $23,000 price point is a "pivotal" moment in the market. If it loses out $22,600, it is highly likely that Bitcoin will trend toward $20,000, liquidating longs at approximately $20,800. The only question is, do we get a retest of $23,800 first?
$BTC $23k is pivotal.
Lose that and take out $22,600, and I think we see #Bitcoin trend toward $20k to liquidate longs at $20,800 (highlighted).
The only question is, do we get a retest of $23,800 first? pic.twitter.com/wPLDO2hkx7 Justin Bennett (@JustinBennettFX) February 25, 2023
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