Bitcoin and Ethereum Charts and Analysis
- Bitcoin[1] pulling back Thursday’s losses.
- Ethereum[2]/Bitcoin spread setting up for another break higher?
Thursday’s US CPI print of 7.5% turned risk markets sharply lower as expectations of more, and potentially larger, US rate hikes were priced in for 2022. Across the board, the three-week rally from multi-month lows was stopped in its tracks, although losses were limited considering the shakeout in the US equity markets. These losses are being pared today with most coins trading in positive territory ahead of the weekend. And this weekend is a big one in America with one of the world’s most-watched sporting events taking place on Sunday, Superbowl 56. This event is likely to gather a televised audience in excess of 100 million viewers and a couple of the largest cryptocurrency exchanges – FTX and Crypto.com – will be visible for all to see having taken out advertising slots in a bid to draw in new accounts. While unlikely that this will have much, if any, of an effect on crypto prices, it is another example of the cryptocurrency market becoming more mainstream.
Bitcoin is currently trading around $43.7k having convincingly broken a noted resistance level around $39.6k. This should now act as support in case of any sell-off, aided by slightly weaker support above $42k. A break above this week’s $45.8k high should allow Bitcoin room to move back towards resistance at $48k and eventually $52k. Bitcoin is currently in overbought territory so any move higher will likely be gradual to wash out this reading.
Bitcoin Daily Price Chart
Chart via TradingView
Ethereum’s recent 50% rally from the January 24 multi-month low also came to a halt yesterday but the second-largest cryptocurrency by market cap is beginning to
