2020-3-3 00:47 |
After a jaunty start to the year in January, it was to be expected that Bitcoin would stumble upon a corrective phase sooner or later.
In a harrowingly bearish month for global markets across the board, Bitcoin wasn’t entirely immune to the circumstances, the cryptocurrency didn’t suffer to the same extent as heavily fiat-correlated assets.
The Dow Jones Industrial Average (DJI) suffered its worst monthly loss ever, sliding 2847 points, with 10-Year Bond Yields sinking to new all-time lows of 1.08% in February. In that context, Bitcoin’s 8% drop can be chalked up as a healthy correction.
Bitcoin (BTC/USD) RoundupBitcoin (BTC/USD) closed in February at $8,528 which, while close to the bottom of the monthly range, ensured that the pair avoided a bearish dark cloud cover pattern.
The drop towards the end of the month did, however, breach the 200 SMA, currently at $8,735, which now acts as the short-term resistance as the pair consolidates around the .5 Fibonacci retracement level.
After taking a nosedive below the zero line, the daily MACD is shaping to converge on both the zero, and signal lines.
Daily RSI is likewise shaping to regain ground above bull-cycle low of 40 after closing below the level for the first time this year. A strong daily close above the 200 SMA can instigate a move towards $9,200.
Looking at the weekly chart, 21 weekly MA at $8,450 is likely to be a key support level. Bulls will be hoping that a weekly close below this level is averted. While evincing some bearish convergence for the first time in twelve weeks, weekly MACD remains above both signal line and zero line.
Looking at some on-chain metrics for Bitcoin (BTC), although both the number and volume of large transactions dropped significantly in February. The network's hash rate bucked the trend this month; rising by 18% from 116 quintillion hashes per second to set a new record of 137 quintillion hashes per second.
Altcoins had somewhat mixed fortunes in February as the risk-off environment understandably affected less liquid crypto markets than it did Bitcoin.
Ethereum (ETH/BTC) RoundupThis didn’t stop Ethereum (ETH/BTC) from piercing through long-term resistance levels to record its best monthly close since January 2018. The pair gained 33% toward the close of February at 0.0256 BTC.
After breaking above the 200 MA in the first week of February, the pair parlayed the momentum of a golden cross in the second week to break resistance at 0.022 BTC and soar as high as 0.027 BTC, before correction found support at .236 Fibonacci retracement level.
A bearish DI cross cannot be construed as particularly valid as ADX indicates the correction could be running out of momentum. The pair must avert a close below 0.025 BTC before reasserting bullish momentum.
Ripple (XRP/BTC) RoundupRipple (XRP/BTC) was following a similar trajectory during the first two weeks of February, aspiring to recover ground on Bitcoin, before tracing back to surrender all those gains.
The pair broke above both the 50 MA and 200 MA in successive weeks but failed to retain the key support levels at 2900 satoshis and 2750 satoshis, breaking down on the first retest for support.
The 50 MA has now flipped to form the new resistance level. A bearish RSI divergence indicates that short-term prospects of breaking above this level may be bleak.
Ripple CEO Brad Garlinghouse admitting recently that the company, which seeks to actively distinguish and distance itself from the cryptocurrency, “would not be profitable or cash flow positive without selling XRP,” effectively operating as a central bank for XRP through its supply manipulation, certainly did not help matters for XRP holders.
On March 1, Ripple unlocked 1 billion XRP from its escrow wallet, further diminishing prospects of its price recovery, as a sell-off could be afoot.
Elsewhere among leading altcoins, Tezos (XTZ/BTC) was by far the best performer, gaining 67% against Bitcoin from 18k satoshis to 31k satoshis.
Despite showing promise earlier in the month, other altcoins ultimately slid significantly against Bitcoin. However, thanks to Ethereum redivivus, Bitcoin shed some market dominance, which dropped from 66% to 64%.
Bitcoin (BTC) Live Price 1 BTC/USD =$8,839.0028 change ~ 1.64%Coin Market Cap
$161.31 Billion24 Hour Volume
$8.38 Billion24 Hour VWAP
$8.84 K24 Hour Change
$145.0705 var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD");Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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