{"id":482811,"date":"2022-02-03T18:23:44","date_gmt":"2022-02-03T18:23:44","guid":{"rendered":"https:\/\/ktsl888.com\/?p=482811"},"modified":"2024-06-11T14:11:11","modified_gmt":"2024-06-11T14:11:11","slug":"double-threat-bitcoin-and-ethereum-start-of-bear-market-or-bullish-consolidation","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/double-threat-bitcoin-and-ethereum-start-of-bear-market-or-bullish-consolidation\/","title":{"rendered":"Double Threat: Bitcoin And Ethereum, Start Of Bear Market Or Bullish Consolidation?"},"content":{"rendered":"

Bitcoin and Ethereum have been moving sideways during today\u2019s trading session. The top two cryptocurrencies were on their way to previous highs but were rejected near-critical resistance levels.<\/p>\n

Related Reading | Bitcoin Halving To Bring The Subsequent Crypto Frenzy<\/a>
\n<\/strong><\/p>\n

At the time of writing, Bitcoin trades at $36,943 with a 0.9% loss while Ethereum trades at $2,642 with a 0.7% loss in the last 24-hours, respectively. The general sentiment in the market has been shifting quickly with every move to either direction suggesting there is a lot of uncertainty in the market.<\/p>\n

\"Bitcoin
BTC rangebound between $30K and $60K in the daily chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n

In a recent report<\/a> published by Bloomberg Intelligence\u2019s Mike McGlone, Bitcoin and Ethereum are presented as a super combo that could boost the dominance of the dollar in the economy of the future. However, the short term seems poised for some more downside.<\/p>\n

Due to the bearish trend that has extended from Q4, 2021 into early 2022 with Bitcoin and Ethereum approaching last year\u2019s lows. For Ethereum, McGlone believes ETH\u2019s price could see $1,700 once again.<\/p>\n

At that time, the market presented an excess in leverage positions which left it vulnerable to a subsequent liquidation cascade. Once the futures market was purged of over-leveraged positions, Ethereum and Bitcoin were able to reach new all-time highs. In that sense, McGlone said:<\/p>\n

Ethereum approaching the lower end of its range has greater risks for shorts than longs.<\/p><\/blockquote>\n

\"Ethereum
Source: Bloomberg Intelligence via Mike McGlone<\/figcaption><\/figure>\n

For Bitcoin, the scenario could be similar with $30,000s holding as critical support as it did back in 2021. If BTC\u2019s price remains rangebound between these levels and $60,000, as the expert noted, a lot of traders could be \u201cdisappointed\u201d.<\/p>\n

Most people expect Bitcoin and Ethereum to trend lower, even lower than during May and July last year, due to the shift in monetary policy from the U.S. Federal Reserve. However, this change could be already priced in, as NewsBTC reported<\/a>.<\/p>\n

Bitcoin And Ethereum With Bullish Fundamentals<\/h2>\n

Despite macro-economic pressures, Bitcoin and Ethereum maintain their strong fundamentals. Mainly, the expert supports its bullish thesis on these digital assets increasing demand versus their diminishing supplies. In that sense, McGlone noted:<\/p>\n

Our graphic shows this consolidation period may be ending, with the path of least resistance pointing higher. About 30% below the 52-week moving average has proven to be a good support reading. Bitcoin revisited this potential bottom in January for the first time since the 2020 trough.<\/p><\/blockquote>\n

For Ethereum, the introduction of EIP-1559 and its burning mechanism could contribute to potential future appreciation<\/a> as it becomes a scarcer asset. Although \u201cless defined\u201d than Bitcoin\u2019s supply, ETH\u2019s is in a downward trend.<\/p>\n

Related Reading |<\/strong> TA: Ethereum Below This Support Could Spark Another Sharp Decline<\/a><\/strong><\/p>\n

These assets are still in their early days, despite the news of many big institutions integrating them into their business\/investment strategies. Therefore, there is still have a lot of room to come out on top, especially in the current macro environment.<\/p>\n

\"Bitcoin
Source: Bloomberg Intelligence via Mike McGlone<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and Ethereum have been moving sideways during today\u2019s trading session. The top two cryptocurrencies were on their way to previous highs but were rejected near-critical resistance levels. Related Reading | Bitcoin Halving To Bring The Subsequent Crypto Frenzy At the time of writing, Bitcoin trades at $36,943 with a 0.9% loss while Ethereum trades at $2,642 with a 0.7% loss in the last 24-hours, respectively. The general sentiment in the market has been shifting quickly with every move to either direction suggesting there is a lot of uncertainty in the market. In a recent report published by Bloomberg Intelligence\u2019s Mike McGlone, Bitcoin and Ethereum are presented as a super combo that could boost the dominance of the dollar in the economy of the future. However, the short term seems poised for some more downside. Due to the bearish trend that has extended from Q4, 2021 into early 2022 with Bitcoin and Ethereum approaching last year\u2019s lows. For Ethereum, McGlone believes ETH\u2019s price could see $1,700 once again. At that time, the market presented an excess in leverage positions which left it vulnerable to a subsequent liquidation cascade. Once the futures market was purged of over-leveraged positions, Ethereum and Bitcoin were able to reach new all-time highs. In that sense, McGlone said: Ethereum approaching the lower end of its range has greater risks for shorts than longs. For Bitcoin, the scenario could be similar with $30,000s holding as critical support as it did back in 2021. If BTC\u2019s price remains rangebound between these levels and $60,000, as the expert noted, a lot of traders could be \u201cdisappointed\u201d. Most people expect Bitcoin and Ethereum to trend lower, even lower than during May and July last year, due to the shift in monetary policy from the U.S. Federal Reserve. However, this change could be already priced in, as NewsBTC reported. Bitcoin And Ethereum With Bullish Fundamentals Despite macro-economic pressures, Bitcoin and Ethereum maintain their strong fundamentals. Mainly, the expert supports its bullish thesis on these digital assets increasing demand versus their diminishing supplies. In that sense, McGlone noted: Our graphic shows this consolidation period may be ending, with the path of least resistance pointing higher. About 30% below the 52-week moving average has proven to be a good support reading. Bitcoin revisited this potential bottom in January for the first time since the 2020 trough. For Ethereum, the introduction of EIP-1559 and its burning mechanism could contribute to potential future appreciation as it becomes a scarcer asset. Although \u201cless defined\u201d than Bitcoin\u2019s supply, ETH\u2019s is in a downward trend. Related Reading | TA: Ethereum Below This Support Could Spark Another Sharp Decline These assets are still in their early days, despite the news of many big institutions integrating them into their business\/investment strategies. Therefore, there is still have a lot of room to come out on top, especially in the current macro environment.<\/p>\n","protected":false},"author":535,"featured_media":477350,"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":[428,1119,1144],"class_list":["post-482811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin And Ethereum, Start Of Bear Market Or Bullish Consolidation?<\/title>\n<meta name=\"description\" content=\"Bitcoin and Ethereum have been moving sideways during today\u2019s trading session with potential for more upside based on their fundamentals.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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Marquez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","caption":"Reynaldo Marquez"},"description":"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/ktsl888.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Double Threat: Bitcoin And Ethereum, Start Of Bear Market Or Bullish Consolidation?","url":"http:\/\/ktsl888.com\/news\/double-threat-bitcoin-and-ethereum-start-of-bear-market-or-bullish-consolidation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/double-threat-bitcoin-and-ethereum-start-of-bear-market-or-bullish-consolidation\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/bitcoin_vs_ethereum.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/bitcoin_vs_ethereum.jpeg?fit=848%2C477"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-02-03T18:23:44Z","datePublished":"2022-02-03T18:23:44Z","dateModified":"2024-06-11T14:11:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Double Threat: Bitcoin And Ethereum, Start Of Bear Market Or Bullish Consolidation?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/double-threat-bitcoin-and-ethereum-start-of-bear-market-or-bullish-consolidation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/double-threat-bitcoin-and-ethereum-start-of-bear-market-or-bullish-consolidation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/bitcoin_vs_ethereum.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/bitcoin_vs_ethereum.jpeg?fit=848%2C477\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-02-03T18:23:44Z\",\"datePublished\":\"2022-02-03T18:23:44Z\",\"dateModified\":\"2024-06-11T14:11:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/11\/bitcoin_vs_ethereum.jpeg?fit=848%2C477","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/482811"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=482811"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/482811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/477350"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=482811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=482811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=482811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}