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Top Factors Can Shape Bitcoin Price in the Short Term

Bitcoin still has plenty of room to run this period, while April price gains can “rely on” consumers saving and deferring debt payments.

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Bitcoin had a positive weekend after it’s recent plunge to $50000. What’s next for bitcoin?

According to the data, Bitcoin still has plenty of room to run this period, while April price gains can “rely on” consumers saving and deferring debt payments.

What’s in Store for April?

According to on-chain analytics service Glassnode, April’s price success would “rely” just as much on retail investors as it will on institutional investors.

Glassnode’s most recent study, published last week, revealed an unusual disparity between U.S. consumer spending and disposable income generated by coronavirus lockdowns.

Normally closely related, the two indicators of retail investor buying power diverged with the onset of lockdowns — there was more capital, thanks to stimulus checks and other factors, but nowhere to spend it.

With reopenings gaining traction in a number of states, the equilibrium is set to be restored as pent-up market demand becomes a major narrative.

Global stocks look set for another volatile week given block trades headlines & Bond volatility. Asia mixed, Europe slightly higher w/Dax hitting ATH but US Futures lower. Bonds gain w/US 10y at 1.64%. Oil drops after ship blocking Suez Canal refloated. Gold $1727. #Bitcoin $56k. pic.twitter.com/pJrw7Dtstz

— Holger Zschaepitz (@Schuldensuehner) March 29, 2021

Many households now have an extra buffer of income to spend, due to new stimulus checks and decreased spending during lockdowns,” co-founders Yann Allemann Jan Happel tweeted. “Will they invest this into markets or pay off debt? Bitcoin’s April performance will depend on it.”

A simultaneous blog post affirms that the most recent stimulus checks, worth $1,400, have yet to make their existence felt in the economy.

“It’s difficult to measure to what extent the checks have arrived in households until today, and more importantly how willingly retail is going to spend or save the money this time considering it may be the last monetary stimulus for a while.”

Bitcoins RSI Movements

BTC’s relative strength index (RSI), which calculates the speed of price fluctuations for a given commodity, has not yet reached its height, according to PlanB.

“The monthly RSI for Bitcoin isn’t even 95. We had at least three months above 95 in the bull markets of 2011, 2013, and 2017. “It’s still early.” he said

Despite its recent struggle to remain above $60,000, the analyst who first applied the stock-to-flow formula to Bitcoin believes the top cryptocurrency’s bull market is only getting underway.

Stock-to-flow meanwhile demands a $100,000 or $288,000 average BTC/USD price this halving cycle, hanging on the exact model used.

Fear and Greed : Market Sentiments

Fear & Greed measures how the market feels about Bitcoin price behavior on a scale of 0 to 100, inferring whether recent activity indicates a rebound off lows or a sell-off from highs.

The Index, which circled all-time highs alongside BTC/USD in February, flashed warning signs as it rose to previous all-time highs of $58,300. By March 1, the rebound had slashed its ranking from 94/100 to 38/100, only to return to the mid-70s days later.

At the time of writing, the Index measures 74/100, classified as “greed” among investors, but still with much room for leeway before entering sell-off territory, denoted as “extreme greed.”

Stock and Trade Market

As concerns grow about the effect of Friday’s $20 billion worth of block trades, Monday will be an interesting start for US equities.

The sudden arrival of orders targeting mostly tech stocks, which came from major players Goldman Sachs and Morgan Stanley, has given traders a headache. This will now play out as Wall Street reopens on Monday.

“Traders everywhere know the story and will be glued to their screens,” portfolio manager Sharif Farha told Bloomberg.

Stock markets uncertainty has a knock-on effect for Bitcoin, but the magnitude of that effect depends on changes that are uncertain at the time of writing.

Andreas Lipkow, a strategist at German bank Comdirect, said, “The markets could start trading in a friendly manner at the beginning of the week.”

“Although there is currently some major profit-taking and unusual block trade activities, these market asymmetries can currently still be processed well.”

Additional factors include falling oil prices, but this is less of a concern for Bitcoin bulls than it is for stock bulls. Prices are dropping as hopes of a supply increase grow, thanks to an Opec+ meeting later this week and the possible resolution of the Suez Canal crisis.

Glassnode’s most recent study, published last week, revealed an unusual disparity between U.S. consumer spending and disposable income generated by coronavirus lockdowns.

Source: https://coinpedia.org/bitcoin/factors-shape-bitcoin-price/

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Coinpedia

Polygon (MATIC) Price Retraces Well, Is It A Dead Cat Bounce Or A Recovery?

The Polygon price struggling to sustain the uptrend, the possibility of a fake breakout haunts the Matic Price Rally

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Matic Netwrok gained immense popularity and recognition with the rebranding to Polygon, earlier this year. Additionally, the Matic price rally also gained mainstream attention and adoption of-let. However, surrounding the immense market uncertainty, Polygon price slumps to its lowest levels.

The price has tanked more than a couple of time in a months time. Therefore healing is much delayed than expected. No doubt the price initiated with recovery within a short time frame, yet the multiple plunges have impacted the momentum of the uptrend. And hence, the probability of forming higher highs has fallen down to lower highs.

matic deadcat

As mentioned in the chart, the MATIC price experiences an extreme squeeze as the resistance levels are lower after each slump. The recovery rate has also gone down which clearly indicates the loss of bullish momentum. With the price attempting to uplift again, it would be mandatory to raise a huge leg up. Else, if the price follows the previous pattern, the dead cat bounce may lead the price to revisit the levels below $1.

AlsoRead: MATIC Price Targets $2.40 Level! Polygon Flashes Buying Signals!

Is It Safe To Enter The Matic Price Trade?

The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

However, the recent dip may have opened the doors to initiate a ‘buy’ trade. As the price is expected to jump high soon. As per the analyst, Altcoin Sherpa, there was a nice dip towards the demand zone. Moreover, the analyst believes the price may reach the weakly highs around $1.7.

$MATIC: Nice dip to the demand zone again w. a good reaction. Would like to see it flip this current level before buying. Decent buy volume from yesterday; we’ll see if this can test higher. #MATIC pic.twitter.com/LDCPEowSh8

— Altcoin Sherpa (@AltcoinSherpa) June 23, 2021

Interestingly, the analyst also predicts a dip after the price attains the upper resistance levels. And hence, the $2 target still remains still misty. As the bulls remain still calm and maybe waiting for the right time to uplift the Matic price.

The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

Source: https://coinpedia.org/price-analysis/polygon-matic-price-recovers-well/

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Coinpedia

Will Bitcoin Death Cross Pave Way for a Golden Cross

The token’s price pattern on the charts has recently formed a death cross pattern. i.e, the crossing of BTC’s 50-day moving…

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Bitcoin plunged to a two-week low on Monday, falling as much as 11.4% to $31,735. The flagship crypto has been highly volatile, as it has dropped more than 20% in the last six days and is almost half the price of its April high of nearly $65,000.

The token’s price pattern on the charts has recently formed a death cross pattern. i.e, the crossing of BTC’s 50-day moving average below the 200-day moving average.

This infamous pattern has triggered a conversation amongst traders and analysts. While some consider it as a bearish indicator, some believe the prices will recover and surge higher than ever before.

Historically, Bitcoin’s formation of a death cross in March 2020 proved no hindrance to profits, as it rose two months later and formed a golden cross. However, a death cross in November 2019 resulted in the coin’s price falling a month later.

Popular analyst and trader Benjamin Cowen has weighed in on the death cross pattern. He believes that moving averages are lagging indicators that often tell us what we already know.

Cowen says Bitcoin will have lengthy bull cycles, and it is in for a long period of consolidation and range. The expert claims that he believes BTC Price will reach $100,000, but that it will take longer than most people think.

The analyst believes that now that the death cross is nearly complete, Bitcoin bulls can look forward to a probable “golden cross”.

“One nice thing about a death cross is that the next thing you can maybe look forward to is a future golden cross. Now, I don’t know how long it’ll take… We know that historically speaking, at least in recent years, it could take six months before we get above the 20-week [moving average] and then hold it as support.”

Not just Cowen, Popular analyst Plan B has also weighed in, He took to Twitter and pointed at the timelines of previous death crosses in Q4 2019 and Q1 2020 and what followed further.

Historically, Bitcoin’s formation of a death cross in March 2020 proved no hindrance to profits, as it rose two months later and formed a golden cross. However, a death cross in November 2019 resulted in the coin’s price falling a month later.

Source: https://coinpedia.org/bitcoin/bitcoin-death-cross-pave-way-for-a-golden-cross/

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Coinpedia

A Major Breakout Awaits Cardano Price, Is $2 Achievable Now?

Cardano(ADA) price is showcasing a possibility of a major breakout that might result in a reattempt to propel towards $2

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cardano surge

The crypto space is currently uncertain as the price of most of the coins does not point out either bullish or bearish. While speculations and anticipations fail for most of the coins, Cardano price stands away from the crowd. As the ADA price currently is not too bullish nor it does show signs of a plunge to lower lows.

Despite a major drop during mid-may, the price remained above $1 whereas the other assets within a similar range plunge down to $0.7 to $0.8 levels. Considering the present scenario, ADA price is trending within a narrow range. And hence showcasing a possibility of a breakout as it failed to break down the strong support levels.

Also Read: Is Cardano Price Poised For 500% Rally? ADA Price to Hit $10 By 2021 End

adapricetrianlge

As mentioned in the chart, the price after bouncing above the support levels did not dip below these levels in the past month. However, the fresh dip enforced the price to trade within the lower limits of the channel. On the other hand, a triangle pattern has also formed and the price already rebounded from the lower levels. And hence after a consolidation for another day or two, a breakout appears imminent.

Cardano price bull run seems to approaching very fast as it has followed the uptrend line without any flaws. And the price could reach $1.84 or equal to 0.0000519 BTC by the end of July as predicted by a popular analyst, mantorras.

The crypto space is highly anticipated to gain enough momentum and bounce back. Many analysts believe the upcoming Q3 and Q4 of 2021 will be very fruitful than the initial one’s. And hence, Cardano price may also regain the lost positions above $2 with an aim to never revisit lower levels. In such a case, the bulls need to uplift the ADA price well before the time.

Photo of Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Source: https://coinpedia.org/price-analysis/major-breakout-awaits-cardano-ada-price/

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