Bitcoin disappoints on bull run as AMZN stock sees biggest 1-day drop since 2014

April 29, 2022 Coin Telegraph

U.S. market open surprises combine with a weakening dollar to produce confusing conditions for hodlers.

Bitcoin (BTC) fell into the Wall Street open on April 29 as United States markets opened to volatility, including an 11% drop in Amazon stock.

*BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView*

All change at the Fed

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD dipping to $38,622 on Bitstamp Friday.

Despite a let-up in the U.S. dollar’s relentless bull run, Bitcoin showed little signs of strength as it remained firmly under $40,000.

Macro factors remained against the largest cryptocurrency along with risk assets more broadly, commentators noted, as the Federal Reserve reduced its balance sheet.

The start of #Fed deleveraging? Fed balance sheet has shrunk for the 2nd consecutive week. Total assets now at $8,939bn, equal to 36.6% of US' GDP vs ECB's 82% or BoJ's 137%. pic.twitter.com/0GRR5VgGIe
— Holger Zschaepitz (@Schuldensuehner) April 29, 2022

For Amazon, meanwhile, the pain was immediately obvious as missed earnings targets resulted in AMZN’s biggest intraday loss in eight years.

The S&P 500 traded down 1% at the time of writing, while the Nasdaq 100 was down 0.9%.

Focusing on Bitcoin, popular trader and analyst Rekt Capital argued that the relative strength index (RSI) may need to form a higher low and rebound in order to provide the market with the fuel for a breakout on short timeframes.

#BTC ultimately rejects at this resistance

Now pulling back

Could $BTC find a base and then rebound once the RSI Higher Low has been revisited?#Crypto #Bitcoin https://t.co/nneXL2BrKe pic.twitter.com/AKMzmmdGds
— Rekt Capital (@rektcapital) April 29, 2022

Whales flip to bear market bottom buying

In its latest chart update on whale behavior, meanwhile, data from on-chain analysis platform Whalemap showed that buying behavior is echoing the bear market bottom of late 2018.

According to its data, whales with balances of between 1,000 and 10,000 BTC are busy accumulating BTC to the extent that they were when BTC/USD hit $3,100 in December that year. The volumes even outdo those from the $3,600 crash in March 2020.

“Whales are accumulating as much Bitcoin today as they were at the $3K lows,” analyst and indicator creator Charles Edwards commented.

“These are holders with approx. $40M - $400M in their wallets today. In 2018, that was $4M - 40M (but there were no ‘institutions’ then either).”

*Bitcoin 1,000–10,000 BTC wallet inflows chart. Source: Whalemap*

This week, Whalemap also noted that current spot price levels represent historically significant ground for buyers and sellers alike.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin returns to $40K, liquidating over $50M of shorts in hours

February 4, 2022 Coin Telegraph

Bitcoin returns to K, liquidating over M of shorts in hours

AMZN

It's sudden death for those who were shorting Bitcoin or altcoins on Friday, as major upside levels reappear after a two-week absence.

Bitcoin (BTC) returned to $40,000 for the first time two weeks during Feb. 4 as Wall Street volatility proved a boon for BTC bulls.

Liquidations mount for BTC shorts

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD suddenly jumping past the $40,000 Friday, just two hours after the Wall Street open produced rapid gains.

At the time of writing, the pair was up $3,000 in two hours — an unexpectedly strong performance, which naturally caused short sellers significant pain.

According to on-chain monitoring resource Coinglass, BTC liquidations were $50 million over the most recent four-hour period, with cross-crypto liquidations passing $100 million.

*BTC liquidations chart. Source: Coinglass*

Analysts, who were keenly eyeing the area at $39,600 to be tested and held, were equally unsurprisingly optimistic.

"Well, I think people start feeling FOMO," Cointelegraph contributor Michaël van de Poppe commoneted.

The Wall Street session had opened with fresh gains for big mover Amazon, this helping fuel the crypto rally despite the company's underlying data contrasting with its share performance.

Amid a confusing short-term environment, many took the opportunity to reiterate higher timeframe price targets.

#BTC key level
Shakeout below $38,5k scenario almost perfect

HTF:
Remember #midterm target ~$48k Daily 360MA.

LTF:
After LTF projection completed perfectly, breakout pump. Reclaimed rising wedge, currently trading at resistance. Throwback S/R flip or breakout next. pic.twitter.com/iqeo6DofUW
— AN₿ESSA (@Anbessa100) February 4, 2022

"I doubt there's spot inventory left to sell at $40k. What was going to be sold has been sold already in a 2 month downtrend capped off by a macro panic," popular Twitter account Light continued about the sustainability of the moves.

"Also doubt buyers in the $30k area bought in order to sell here. Similar in many ways to the $6k level in 2019."

BTC/USD reached $40,450 on Bitstamp before a consolidatory phase began, with volatility still very much in evidence.

Ethereum adds nearly 30% versus January lows

Altcoins followed suit, with Ether (ETH) up over 10% on the day to circle the $3,000 mark.

ETH/USD last traded at its significant psychological level on Jan. 21, along with Bitcoin, and just over ten days ago was closer to $2,000.

*ETH/USD 1-day candle chart (Bitstamp). Source: TradingView*

Others in the top ten cryptocurrencies by market cap were green, with best performer Solana (SOL) approaching 13% daily gains.

Bitcoin price bounces after Amazon stock gains 15% in US tech comeback

February 4, 2022 Coin Telegraph

Amazon stock

Relief for embattled U.S. tech stocks injects fresh energy in Bitcoin and altcoins, with Ether reaching two-week highs.

Bitcoin (BTC) recovered much of its recent losses on Feb. 4, but concerns remained that a retest of $30,000 was incoming.

$38,600 remains focal pivot

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD returning to $38,000 Friday, up over 2% in 24 hours.

The pair saw a strong comeback overnight after suffering at the hands of United States stock sellers for two days straight.

A similar turnaround for tech stocks later on Thursday, with Amazon gaining 15%, set the stage for Bitcoin to rise in step, with BTC proponents nonetheless criticizing the over volatility of some equities.

The rebound, meanwhile, could go some way to averting a deeper retracement for Bitcoin, this nonetheless favored by Cointelegraph contributor Michaël van de Poppe as a “likely” move.

“Overall, most likely case is another sweep of the lows for Bitcoin around $30-33K and after that we create a bullish divergence and the fun continues,” he argued late Thursday.

For a paradigm shift to occur, he reiterated that the area around $38,600 should still be broken and held.

“BTC is still forming an indecision candle just below the key resistance of ~$38650,” Fellow trader and analyst Rekt Capital said as part of his latest tweet about the same level.

“That said, for the time being BTC is able to hold the top of last week’s candle as support. Technically, BTC is still inside the 28000-$38000 range until further notice.”

Pentoshi took on longer timeframes, punctuating months of cautious forecasts on BTC with fresh hope of a resurgence.

As $BTC enters the green zone. My Bera watch ends, and bulla watch begins

Crazy how that works. Months of macro based bear posting after a deviation.

Soon most will think it's over, when it really just begins

Billionaires, nations, institutions compete for scarcity

(X) pic.twitter.com/0vcuRAahw6
— Pentoshi DM'S ARE SCAMS (@Pentosh1) February 3, 2022

As Cointelegraph reported, on-chain indicators continue to call such a resurgence ahead of time this week, breaking out of two months of downside.

Ether hits two-week high above $2,800

On altcoins, Ether (ETH) and Solana (SOL) led on the day, both posting 24-hour gains above 5%.

ETH/USD outpaced BTC/USD to pass $2,800, as trader and Bollinger Bands creator John Bollinger suggested that current levels were a satisfactory buy zone for his ETH allocation.

This seems like a good add-to spot for my $ethusd position.
— John Bollinger (@bbands) February 3, 2022

“Ethereum is acting even stronger than Bitcoin here,” van de Poppe added, as the largest altcoin by market capitalization reached its highest levels since Jan. 21.

AMZN