Benzinga - Major coins traded in the green on Sunday evening, as traders looked ahead to U.S. consumer confidence index data due later in the fresh trading week.
| Bitcoin | +1.52% | $23,474 |
| Ethereum | +2.64% | $1,634 |
| Dogecoin | +1.26% | $0.081 |
At the time of writing, the global cryptocurrency market capitalization stood at $1.07 trillion, up 1.68% in the last 24 hours.
U.S. equities ended the week on a sour note as the latest inflation report showed a higher-than-expected increase for last month. This sparked worries among investors that the Federal Reserve may be forced to raise interest rates more aggressively. As a result, the S&P 500 and the Nasdaq Composite closed down 1.05% and 1.69%, respectively, on Friday.
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The International Monetary Fund took a strong stance on adopting cryptocurrencies, issuing recommendations for member countries and calling for a “coordinated response”. It warned that the increasing popularity of cryptocurrencies poses a threat to the effectiveness of global monetary policy and urged countries to take action to regulate them.
Former FTX Chief Sam Bankman-Fried asked a court for additional time until March 3 to find a technology expert to educate the court on VPN usage and to file a proposal for new bail conditions.
Analyst Notes: “Risk aversion is running wild on Wall Street ... The bond market selloff is getting ugly and that could support downward pressure for Bitcoin to the lower boundaries of its $21,500 to $25,000 trading range,” said Edward Moya, a senior analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Michaël van de Poppe said the total crypto market capitalization still offers a clear picture of potential near-term activity. He noted that we’ve seen a retest of all-time highs in 2017 as well as a double-bottom retest.
He said that we’re seeing a weekly bullish divergence for the first time ever, with crypto “breaking above its 200-week moving average and holding support. One more week of consolidation before up, likely.”
The total market capitalization for #Crypto is still providing a clear picture.Santiment'sRetest of all-time high in 2017.
Double bottom retest.
Weekly bullish divergence, first time ever.
Breaking above 200-Week MA and holding support.
One more week of consolidation before up, likely. pic.twitter.com/W4jpbEwHIY
— Michaël van de Poppe (@CryptoMichNL) February 26, 2023
#Bitcoin & #Ethereum are both having more traders sell at a loss than at a profit this week, the first such week so far in 2023. Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form. https://t.co/maEg5sDHM6 pic.twitter.com/0kvPUzbTQmJustin Bennett— Santiment (@santimentfeed) February 26, 2023
$BTC $23k is pivotal.Lose that and take out $22,600, and I think we see #Bitcoin trend toward $20k to liquidate longs at $20,800 (highlighted).
The only question is, do we get a retest of $23,800 first? pic.twitter.com/wPLDO2hkx7
— Justin Bennett (@JustinBennettFX) February 25, 2023
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