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News/Bitcoin remains lackluster ahead of Powell speech today

Bitcoin remains lackluster ahead of Powell speech today

Feb 7 2023

last year6 mins read
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Bitcoin is moving sideways between \(22,800 - \)23,000, this tight range coupled with low volume makes for very boring price action. However, with Fed chair Powell’s speech hours away, we could see volatility soon.

Analysts have recently pointed out how BTC posted its first golden cross since September 2021. The last time this happened, the market leader reached a new ATH within two months.

However, for now it remains uncertain whether a golden cross alone can push BTC higher. Meanwhile, the S&P 500 is continuing to look weaker and has fallen to 4,112. DXY, on the other hand, actually moved up, almost touching 104.

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Top  altcoin gainers and losers

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Bitcoin Technical Analysis

Bitcoin is continuing to get exhausted on the hourly and four hourly timeframes. This is evident by how every time we make a lower high, momentum indicators signal overbought conditions. Moreover, we can also find some confluence through the the premium discount model, which also calls for a correction and its first target is \(20,200 followed up by another drop to \)18,500.

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Ethereum Technical Analysis

Ethereum price charts show very prominent lower highs, and the volume continues to be low with random spikes in the middle which is usually indicative of distribution. Following a similar premium discount model, \(1,450 is our first target for ETH, followed up by \)1,300. However, in the case of a break down, we are aiming a lot lower with \(1,200 on the board and even \)1,150, if Bitcoin tests previous support.

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NFT Market Map

Dookey Dash is coming to an end, and the SewerPass (+80.13%) hype hasn’t stopped. Data from DegenKnows suggested that the number of fresh buyers wasn’t down over the past week.

Trump Digital Trading Cards (+1.91%) came back to the top 10 list as OpenSea data showed over $16M of these NFTs traded on the marketplace.

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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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