Tag Archives: 42k

Business

Bitcoin eyes highest weekly close since early February as BTC price hovers under $42K

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Bitcoin (BTC) stayed the near top of its recent trading range on March 20 as the weekly close looked set to crack a multi-week high.

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

Weekly close could set 4-week high

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD maneuvering around the upper $41,000 zone Sunday.

Friday’s late surge had broadly held, and Saturday saw a return of $42,400 on Bitstamp, matching the high from the start of March.

Now, the weekly chart looked set to deliver Bitcoin’s best weekly close since early February.

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

“This could change anytime, but frankly the Bitcoin price chart currently looks better than it has for quite a while now,” analyst Lyn Alden summarized at the end of last week.

Previous takes had cautioned about a real shift occurring in BTC price action, with popular trader Pentoshi warning that a potential uptick would likely not last and ultimately become the precursor to new lows.

Fellow Twitter analyst Credible Crypto meanwhile presented two likely trajectories for BTC/USD based on daily demand holding the market at a specific price.

One option involved a break of $42,500 followed by $45,000, while its bearish counterpart delivered a bottom target of $29,000-$32,000.

On longer timeframes, however, confidence was palpable.

“As long as price continues to close above 34k on the W3 timeframe, this hidden bullish div is likely to play out and send us to new ATH,” Credible Crypto added in another update Sunday.

Stocks stage a last-minute bounceback

Gearing up for another macro week, markets were look altogether stronger despite the headwinds facing Europe and the United States in particular.

Related: Bitcoin faces new ‘milestone’ in 2022 as new forecast predicts BTC price ‘in the millions’

Despite the ongoing Russia-Ukraine war, European stocks recovered Friday, something which markets commentator Holger Zschaepitz described as “totally crazy.”

“European stocks have now fully recovered from the shock of Russia’s invasion of Ukraine,” he noted.

“Stoxx 600 dropped 10.6% from before invasion on Feb24th to the low point on Mar7. It is now right back where it started, after the biggest weekly rally since Nov 2020.”

Should unlikely optimism endure, Bitcoin could profit as its correlation with equities performance persists.



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Business

Bitcoin Crosses $42K Level, Ethereum Above $3K As Dogecoin And Meme Coins Shine Too — Why The Pressure On Crypto Market Is Still On – Bitcoin – United States Dollar ($BTC)

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Bitcoin and other major coins traded higher Sunday evening as the global cryptocurrency market cap rose 1.6% to $2 trillion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin (CRYPTO: BTC) 1.5% 11% $42,168.70
Ethereum (CRYPTO: ETH) 0.2% 16.3% $3,035.26
Dogecoin (CRYPTO: DOGE) 3.3% 9% $0.15
Top 24-Hour Gainers (Data via CoinGecko)
Cryptocurrency 24-Hour % Change (+/-) Price
Shiba Inu (SHIB) +22.1% $0.00003
Axis Infinity (AXS) +16.2% $68.21
Loopring (LRC) +15.3% $1.11

See Also: How To Buy Bitcoin (BTC)

Why It Matters: The dollar fell 1.8% last week, which is one of its largest percentage declines since November 2020, according to a Reuters report. 

In a recent video, cryptocurrency trader Justin Bennett talked about the inverse relationship between the dollar index and Bitcoin.

“Every single time Bitcoin is topped out at the end of each bull cycle the dollar has bottomed,” said Bennett. 

On Friday, Bennett tweeted that if the Dollar Index — a measure of the greenback’s strength against a basket of six currencies —  closes the week below last week’s open at 95.63 “we have a weekly bearish engulfing.

The dollar index rose 0.1% to 95.446 on Friday, as per Reuters.

The reason for the dollar index’s appreciation on Friday was the U.S. nonfarm payroll report which indicated that 467,000 jobs were added last month, according to Reuters.

Edward Moya, OANDA’s senior market analyst said that the nonfarm payroll report was a “shocker” which sent Treasury yields higher as expectations of a more aggressive monetary tightening rose.

“Bitcoin may have difficulty breaking above the $40,000 level if Wall Street grows confident that the Fed will raise rates by a half point in March,” wrote Moya on Friday.

Notably, even though the apex coin traded above the $40,000 mark on an intraday basis on Sunday, volumes remained thin throughout the weekend.

Pseudynomyous cryptocurrency analyst Altcoin Sherpa tweeted that it is likely that BTC will see a lower high in the mid $40,000 range.

Meanwhile, Ethereum saw the $3,000 mark again after two weeks of trading under that level. The amount of unique Ethereum addresses transacting also touched a two-month high, said Santiment, a financial market data and content platform, on Twitter.

Read Next: EXCLUSIVE: Popular Contrarian Investor CryptoWhale On Why He Turned Bearish On Bitcoin, How Dogecoin Community Is ‘Fun,’ Rise Of Altcoins And 2022 Prediction



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Business

Bitcoin Crosses $42K Level, Ethereum Above $3K As Dogecoin And Meme Coins Shine Too — Why The Pressure On Crypto Market Is Still On – Bitcoin – United States Dollar ($BTC)

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Bitcoin and other major coins traded higher Sunday evening as the global cryptocurrency market cap rose 1.6% to $2 trillion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin (CRYPTO: BTC) 1.5% 11% $42,168.70
Ethereum (CRYPTO: ETH) 0.2% 16.3% $3,035.26
Dogecoin (CRYPTO: DOGE) 3.3% 9% $0.15
Top 24-Hour Gainers (Data via CoinGecko)
Cryptocurrency 24-Hour % Change (+/-) Price
Shiba Inu (SHIB) +22.1% $0.00003
Axis Infinity (AXS) +16.2% $68.21
Loopring (LRC) +15.3% $1.11

See Also: How To Buy Bitcoin (BTC)

Why It Matters: The dollar fell 1.8% last week, which is one of its largest percentage declines since November 2020, according to a Reuters report. 

In a recent video, cryptocurrency trader Justin Bennett talked about the inverse relationship between the dollar index and Bitcoin.

“Every single time Bitcoin is topped out at the end of each bull cycle the dollar has bottomed,” said Bennett. 

On Friday, Bennett tweeted that if the Dollar Index — a measure of the greenback’s strength against a basket of six currencies —  closes the week below last week’s open at 95.63 “we have a weekly bearish engulfing.

The dollar index rose 0.1% to 95.446 on Friday, as per Reuters.

The reason for the dollar index’s appreciation on Friday was the U.S. nonfarm payroll report which indicated that 467,000 jobs were added last month, according to Reuters.

Edward Moya, OANDA’s senior market analyst said that the nonfarm payroll report was a “shocker” which sent Treasury yields higher as expectations of a more aggressive monetary tightening rose.

“Bitcoin may have difficulty breaking above the $40,000 level if Wall Street grows confident that the Fed will raise rates by a half point in March,” wrote Moya on Friday.

Notably, even though the apex coin traded above the $40,000 mark on an intraday basis on Sunday, volumes remained thin throughout the weekend.

Pseudynomyous cryptocurrency analyst Altcoin Sherpa tweeted that it is likely that BTC will see a lower high in the mid $40,000 range.

Meanwhile, Ethereum saw the $3,000 mark again after two weeks of trading under that level. The amount of unique Ethereum addresses transacting also touched a two-month high, said Santiment, a financial market data and content platform, on Twitter.

Read Next: EXCLUSIVE: Popular Contrarian Investor CryptoWhale On Why He Turned Bearish On Bitcoin, How Dogecoin Community Is ‘Fun,’ Rise Of Altcoins And 2022 Prediction



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Business

Bitcoin rejected after attacking $42K as trader says BTC price impulse move not ‘done yet’

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Bitcoin (BTC) zoned in on a multi-week high for the weekly close on Feb. 6 as a calm weekend helped fragile sentiment.

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

Bitcoin should flip $41,000 to support 

Data from Cointelegraph Markets Pro and TradingView followed a mercifully non-volatile weekend for BTC/USD, which continued to test $42,000 resistance while retaining $40,000 as support.

Friday’s unexpected gap upward initially resulted in misgivings over a price “fakeout,” but at the time of writing, no significant retracement had entered.

“I do not believe this Bitcoin impulse is done,” popular trader and analyst TechDev announced.

Other comments focused on what could be a more sustainable price transformation, William Clemente eyeing $41,000 as a support-resistance flip to secure an attack on levels closer to $50,000 next.

“Pretty straightforward price action-wise for BTC,” he tweeted in fresh analysis on the day.

“Bidding green box(es); would like to see a higher low set for continuation. Flip the 40-41k area as support and can start eyeing 47K which is PoB in confluence with yearly open and STH realized price. Final major area is 58k.”

BTC/USD annotated chart. Source: William Clemente/ Twitter

“Constructive” market needed for altcoin gains

Fellow trader Pentoshi meanwhile said that the time could soon be right to take a position in altcoins.

Relative: This bullish Ethereum options trade targets $3.1K ETH price with zero liquidation risk

These suffered heavily in recent months and are now primed for a turnaround should Bitcoin’s own strength persist.

While flat on the day, many of the top ten cryptocurrencies by market cap produced significant gains through the week, among them Ether (ETH), up nearly 16% and above $3,000 for the first time since Jan. 20.

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



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Business

Bitcoin returns to $42K as bets start favoring ‘short squeeze’ higher for BTC

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Bitcoin (BTC) broke through $42,000 on Jan. 11 as expectations of a fresh “short squeeze” mounted.

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

Short-term squeeze “reasonably likely”

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it recovered from Monday’s dip to $39,600 — its first breach of the $40,000 mark since September.

While short-term bullish prognoses were conspicuously absent on the day, attention focused on the potential for derivatives markets to spark another “short squeeze.”

With open interest near all-time highs despite the downturn and sentiment clearly favoring further downside, a surprise uptick could have the impact of “squeezing” short positions and providing some relief for bulls.

As on-chain analytics firm Glassnode noted in the latest edition of its weekly newsletter, “The Week On-Chain,” such an event is overdue. Longs have suffered almost constantly since November’s $69,000 all-time highs, and “squeezes” further occur when the market least expects a certain outcome.

“Short traders, who have not been punished for taking on increasing risk, may find themselves candidates for a near-term squeeze,” researchers forecast.

Such an event could well be amplified thanks to “tepid” demand for spot BTC and futures open interest leverage, which is approaching 2% of the Bitcoin market capitalization, Glassnode continued.

“Alongside very oversold indicators in on-chain spending activity, this suggests a short squeeze is actually a reasonably likely near-term resolution for the market,” the newsletter concluded.

Bitcoin futures open interest leverage ratio annotated chart. Source: Glassnode

For every short, there’s a long

Analysts, meanwhile, considered alternatives to the high open interest being removed via another leg down toward $30,000.

Related: ‘Most bullish macro backdrop in 75 years’ — 5 things to watch in Bitcoin this week

Despite no “wipeout” of open interest yet occurring, a surprise upside move could yet be the event that resets market composition, popular Twitter account Credible Crypto argued on the day.

“What if the major OI wipeout everyone is looking for ends up happening because of a squeeze to the upside rather than a move further down?” he quizzed in response to data from fellow analyst William Clemente.

“Happened in August ‘21 as we moved off the 30K bottom. Think we probs see that play out again. Bears bout to be wiped clean.”

Bitcoin futures open interest chart (Binance). Source: Coinglass

As Cointelegraph reported, $40,000 has been forming a significant price zone from multiple points over the past 12 months.



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Science

Flipping Magnetic Poles Led to Mass Extinctions 42k Years Ago

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A new study is revealing that a reversal in the Earth’s magnetic poles 42,000 to 41,000 years ago may have led to environmental crises that resulted in mass extinctions. The period is called the Laschamps excursion and the research used precise carbon dating obtained from ancient tree fossils to study its effects.

The team details how they created a precise radiocarbon record around the time of the “Laschamps geomagnetic reversal about 41,000 years ago from the rings of New Zealand swamp kauri trees.” 

“This record reveals a substantial increase in the carbon-14 content of the atmosphere culminating during the period of weakening magnetic field strength preceding the polarity switch.” The team concluded that the “geomagnetic field minimum caused substantial changes in atmospheric ozone concentration that drove synchronous global climate and environmental” with their model investigating the consequences of this event.

The researchers also emphasized that it’s the first study of its kind to determine a link between pole reversals and environmental changes. To conduct the study Cooper and his team used cross-sections from four ancient trees recovered from a swamp at Ng­āwhā Springs in northern New Zealand and tested them for carbon-14.

The team then simulated how a changing magnetic field might affect atmospheric weather patterns. Their results indicated that the increase of charged particles entering the atmosphere would also result in a rise in the production of atmospheric hydrogen and nitrogen oxides.

These molecules would consume ozone, thwarting the stratospheric ozone from shielding Earth’s denizens from ultraviolet radiation. These changes would also disrupt sunlight from being absorbed at different layers in the atmosphere, leading to a large-scale cooling of the planet.

However, although the research is generally interesting and sound, the researchers rely a little too much on hypotheses. It’s as if they are looking for anything that happened 42,000 years ago that could possibly be related to changing environmental circumstances.

In the end, what happened 42,000 years ago still remains unknown. But the work could inspire more research to examine the principles behind these mass extinctions. The study was published in the journal Science.

DISCLAIMER: This article was updated to contextualize the limitations of the research and its conclusions.



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