{"id":527744,"date":"2023-04-20T12:42:50","date_gmt":"2023-04-20T12:42:50","guid":{"rendered":"https:\/\/ktsl888.com\/?p=527744"},"modified":"2024-06-11T14:35:36","modified_gmt":"2024-06-11T14:35:36","slug":"buy-the-bitcoin-and-crypto-dip-or-wait","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/buy-the-bitcoin-and-crypto-dip-or-wait\/","title":{"rendered":"Buy The Bitcoin And Crypto Dip Or Wait? Market Update"},"content":{"rendered":"

With yesterday’s slump in Bitcoin and crypto markets, the uncertainty returns. Bitcoin, as the lead currency of the crypto market, is currently struggling to regain support at $29,100.<\/p>\n

At press time, Bitcoin has not yet been able to initialize an uptrend. BTC was trading at $28,680, down -5.5% since the price was rejected at the $30,500 level on Tuesday. The majority of altcoins are following this trend, writing even bigger losses for the most part.<\/p>\n

Buy The Bitcoin And Crypto Dip?<\/h2>\n

The co-founders of on-chain data provider Glassnode, Jan Happel and Yann Allemann write in their latest market update<\/a> “don’t get spooked” and explain that a $900+ move in Bitcoin is in line with expectations, “avoid shake outs”.<\/p>\n

According to the analysts, the market sentiment remains intact. Both the fear and greed index and the on-chain data (NUPL) continue to look bullish. Bitcoin’s average true range is between $28,300 and $30,200, according to Glassnode founders.<\/p>\n

\"Bitcoin\u2019s
Bitcoin\u2019s average true range | Source: Swissblock Insights<\/figcaption><\/figure>\n
Related Reading: Bitcoin Bearish Signal: Supply Older Than 7 Years On The Move<\/a><\/div>\n

Sentiment has not turned negative either. The fear and greed index continues to signal greed in the market, which should be considered bullish. Furthermore, the two analysts remark:<\/p>\n

Today’s retrace to the lower end of $29k is a good opportunity to buy. Our mid-term outlook remains bullish, order books show more liquidity, and the Bitcoin Risk Signal is at 0.<\/strong><\/p><\/blockquote>\n

Net Unrealized Profit and Loss (NUPL), the difference between market cap and realized cap divided by market cap, indicates that unrealized gains exceed unrealized losses, which is also bullish.<\/p>\n

Analyst Scott Melker thinks<\/a> it remains to be seen whether this correction will continue. Nevertheless, he is confident that Bitcoin has found some support at the “most predictable level” at $28,600:<\/p>\n

I have been screaming this number from the mountaintop, so there should be no surprise here. […] This is theoretically strong support. If it breaks, we look to $25,212. Play it level by level.<\/strong><\/p><\/blockquote>\n

\"Bitcoin
Bitcoin price weekly chart | Source: @scottmelker<\/a><\/figcaption><\/figure>\n

The renowned trader @52kskew, referring to the 4-hour chart of Bitcoin, notes<\/a> that there is a retest of the previous resistance. In his opinion, a weak RSI divergence and the stochastic RSI signal that there will be a relief bounce.<\/p>\n

Related Reading: Yield Curve Reaches Historic Low, What It Means For Bitcoin<\/a><\/div>\n

A bullish scenario, according to him, would be a reclaim of $29,500 and the 4-hour\/ 1-day trendline. The bearish scenario is a rejection at $29,500 and the 1-day EMA trend, as well as a trend towards $27,000.<\/p>\n

\"Bitcoin
BTC price analysis, 4-hour chart | Source: Twitter @S52skew<\/figcaption><\/figure>\n

Regarding the lower timeframe aggregate CVDs and delta of Bitcoin, he notes, “Price moving higher here; while CVDs moving lower = limit buying & some absorption of sellers below $28.6K. Market buying yet to follow (which is the market momentum required for higher prices).”<\/p>\n

The Binance Open interest could also be an indicator that BTC will see a relief bounce:<\/p>\n

Some high short float here & funding moving lower. Ideally for a relief bounce there’s continued spot buying & funding goes negative later.<\/strong><\/p><\/blockquote>\n

\"BTC
BTC Binance Open Interest | Source: Twitter @S52skew<\/figcaption><\/figure>\n

At press time, the Bitcoin price stood at $28,680, bouncing up from another leg down.<\/p>\n

\"Bitcoin
BTC price, 1-hour chart | Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

With yesterday’s slump in Bitcoin and crypto markets, the uncertainty returns. Bitcoin, as the lead currency of the crypto market, is currently struggling to regain support at $29,100. At press time, Bitcoin has not yet been able to initialize an uptrend. BTC was trading at $28,680, down -5.5% since the price was rejected at the $30,500 level on Tuesday. The majority of altcoins are following this trend, writing even bigger losses for the most part. Buy The Bitcoin And Crypto Dip? The co-founders of on-chain data provider Glassnode, Jan Happel and Yann Allemann write in their latest market update “don’t get spooked” and explain that a $900+ move in Bitcoin is in line with expectations, “avoid shake outs”. According to the analysts, the market sentiment remains intact. Both the fear and greed index and the on-chain data (NUPL) continue to look bullish. Bitcoin’s average true range is between $28,300 and $30,200, according to Glassnode founders. Related Reading: Bitcoin Bearish Signal: Supply Older Than 7 Years On The Move Sentiment has not turned negative either. The fear and greed index continues to signal greed in the market, which should be considered bullish. Furthermore, the two analysts remark: Today’s retrace to the lower end of $29k is a good opportunity to buy. Our mid-term outlook remains bullish, order books show more liquidity, and the Bitcoin Risk Signal is at 0. Net Unrealized Profit and Loss (NUPL), the difference between market cap and realized cap divided by market cap, indicates that unrealized gains exceed unrealized losses, which is also bullish. Analyst Scott Melker thinks it remains to be seen whether this correction will continue. Nevertheless, he is confident that Bitcoin has found some support at the “most predictable level” at $28,600: I have been screaming this number from the mountaintop, so there should be no surprise here. […] This is theoretically strong support. If it breaks, we look to $25,212. Play it level by level. The renowned trader @52kskew, referring to the 4-hour chart of Bitcoin, notes that there is a retest of the previous resistance. In his opinion, a weak RSI divergence and the stochastic RSI signal that there will be a relief bounce. Related Reading: Yield Curve Reaches Historic Low, What It Means For Bitcoin A bullish scenario, according to him, would be a reclaim of $29,500 and the 4-hour\/ 1-day trendline. The bearish scenario is a rejection at $29,500 and the 1-day EMA trend, as well as a trend towards $27,000. Regarding the lower timeframe aggregate CVDs and delta of Bitcoin, he notes, “Price moving higher here; while CVDs moving lower = limit buying & some absorption of sellers below $28.6K. Market buying yet to follow (which is the market momentum required for higher prices).” The Binance Open interest could also be an indicator that BTC will see a relief bounce: Some high short float here & funding moving lower. Ideally for a relief bounce there’s continued spot buying & funding goes negative later. At press time, the Bitcoin price stood at $28,680, bouncing up from another leg down. Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":527747,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,6664],"class_list":["post-527744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\nBuy The Bitcoin And Crypto Dip Or Wait? Market Update<\/title>\n<meta name=\"description\" content=\"With yesterday's slump in Bitcoin and crypto markets, uncertainty returns. Is it time to buy the dip or wait? 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Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/ktsl888.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Buy The Bitcoin And Crypto Dip Or Wait? 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