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News/Bitcoin continues to show signs of distribution despite Powell repeating "disinflation"

Bitcoin continues to show signs of distribution despite Powell repeating "disinflation"

Feb 8 2023

last year6 mins read
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Bitcoin has remained within a tight range for 18 days now, unable to break above \(24,200 or below \)22,300 despite numerous attempts at both.

BTC saw small fluctuations during Powell’s speech yesterday, which mentioned “disinflation” again and cited 2023 as a year of significant declines in inflation.

There is clear distribution within this range, as highlighted in previous updates, which gives us reason to be caution. Such price action usually ends in a breakdown, but can be preceded by wicks to the upside, catching poorly positioned stop losses.

Meanwhile, the S&P 500 made another attempt to break through resistance but failed at 4,180. This resistance was met with significant volume which shows market sentiment is still bearish and our previous rally was probably part of a bull trap. DXY is starting to flatten out around 103.28 and needs to maintain above 102.4 if the recent bounce from support is to continue.

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Bitcoin Technical Analysis

Bitcoin is trading within a tight range, and using the volume profile, we can see there is a low-volume node starting from $23,300. This makes that our first short-term resistance, and if the price can break through that we might see a wick toward range high before a move down.

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Ethereum Technical Analysis

Ethereum is on the better end of the volume profile as there are no specific low-volume nodes present in the range. However, we can see a huge gap below \(1,505 stretching down to \)1,210 which explains why Ethereum has been more bearish than Bitcoin in terms of volume and bounce within the range.

Most participants expect that gap to be filled and take profits, which results in bearish divergences and exhaustion on the chart. It is still important to keep in mind that if Bitcoin sees a final shakeout before we go down, Ethereum will also follow and can go as high as $1,800.

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NFT Market Map

Despite the slowing increase due to the end of Dookey Dash and BAYC cracking down on cheaters, SewerPass (-9.87%) still ranked no.1 on the NFT list by volume traded today.

Chungos (+502.96%) entered the top 10 as its number of buyers surged by 108% to reach 5,252, as per NFTgo data. The other top spots were held by the usual suspects, including Checks, Captains and AKCB.

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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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