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News/Bitcoin and ETH struggle to maintain highs as DXY looks strong

Bitcoin and ETH struggle to maintain highs as DXY looks strong

Feb 6 2023

last year6 mins read
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Bitcoin has been struggling to cross $23,000 today, having lost the level over the weekend.

The current price action has continued following the latest jobs report, which far exceeded the forecast, suggesting a stronger than expected labor market.

Moving forward, the upcoming commentary from ECB President Lagarde (on Feb. 6) and Fed Chair Powell (on Feb. 7) may bring volatility into the markets ahead of the CPI data release on February 14.

Meanwhile, the S&P 500 is going through a rejection from 4,200 as market participants await earning reports. Given how the S&P 500 is still at relatively high levels, we would find it surprising if this rally extends into a full-fledged bull run without steeper corrections.

DXY currently looks strong, bouncing off its long-term support, and is currently testing resistance around 103.4.

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Top  altcoin gainers and losers

Gainers

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Bitcoin Technical Analysis

Bitcoin is going through a distribution phase, and it looks unlikely that we will see a new top considering we can see four higher highs perfectly matched with lower lows on the ADMF. Such kinds of bearish divergences don’t run out for much longer.

Our targets remain the same, with \(21,500 and \)20,400 as first short-term supports, followed up by a bounce perhaps but if we break down. The bigger support currently lies around $16,000 again.

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Ethereum Technical Analysis

Ethereum shows similar signs of exhaustion playing out and on top of that we can see a clear volume drop-off as the price has gotten up to its peak around \(1,630 - \)1,700.

This shows a lack of interest from buyers and sellers. Since it is a bear market it is not wise to assume that we will see a significant rise in interest with higher prices.

The first target for Ethereum remains at \(1,450 and goes to \)1,200 if no support is found.

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NFT Market Map

Large collections controlled the NFT heatmap today. Bored Ape Yacht Club (+1,287.63%) saw outstanding growth following 9GAG Memeland’s $1.3M buy orders. Captainz (+191.72%) also rose thanks to the effect.

Project X (+12,583.27%), which has just completed its open edition mint, raised $1.6M through sales and joined the top 10 club.  

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Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

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For more daily updates and news, follow us on Twitter.

Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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