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Bitcoin Regains $43.5K as Funds Predict Bullish Month for Crypto
Still, major cryptocurrencies remained lower as global markets extended Thursday's slide.
Updated May 11, 2023, 4:41 p.m. Published Feb 11, 2022, 11:14 a.m.
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Bitcoin recovered some of its recent price drop, passing through $43,500, after Thursday's report of higher-than-estimated U.S. inflation sparked declines in bonds, equities and the crypto market. Major cryptocurrencies nevertheless remained lower Friday over 24 hours, with bitcoin down 2.8% and ether 4.5% at the time of publication.
U.S. inflation hit 7.5% in January, a 40-year high, with prices for goods and costs for services expected to pick up. Traders from Goldman Sachs forecast up to seven rate hikes this year. Rate increases are an attempt to rein in inflation, a direct result of the asset-buying program put in place by the U.S. Federal Reserve following the onset of the coronavirus in early 2020.
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GOLDMAN SACHS: US Daily: Moving to Seven Rate Hikes in 2022 pic.twitter.com/sW6vDBfg5d
— James Pethokoukis (@JimPethokoukis) February 11, 2022
“Cryptocurrencies were under the pressure of strong data on inflation in the United States on Thursday, which has updated 40-year highs,” FxPro analysts told CoinDesk in an email. “Such values can force the Fed to raise interest rates faster, which is negative for all risky assets, including cryptocurrencies.”
Still, the Fear and Greed index – which calculates market sentiment – remained neutral even as crypto markets followed equities lower. “The stock markets are having an increased impact on the dynamics of Bitcoin and Ethereum, in which the prospects for monetary policy are being reassessed,” the FxPro analysts said.
Bitcoin regained the $43,500 level after a brief dip to as low as $42,900 in early Asian trading hours, data from tracking tool CoinGecko showed. The asset continues to face resistance at $45,500.
Meanwhile, crypto funds such as Singapore’s QCP Capital remain bullish on the crypto market for February. “Crypto prices rallied even though NASDAQ traded lower towards the end of last week,” the firm said in a Telegram broadcast. “We don't think this means that crypto has necessarily decoupled from NASDAQ but this tells us there is tangible and targeted crypto demand right now.”
QCP said it's bullish for February, saying that market expectations and reactions around Fed hikes should subside and pointing to “positive seasonality” – stocks typically gain in February.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
Was Sie wissen sollten:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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