Has the Rally Excitement in Bitcoin Started or Ended?

How Will This Week Be?

Data announced last month

Consumer Price Index (CPI) (Annual) (Feb)

Listing of Filecoin on Binance Japan

Avalanche(AVAX)  Durango mainnet upgrade

ADP Non-Farm Employment Change (Feb)

European Central Bank (ECB) Press Release

Non-Farm Employment (Feb)

The monthly Nonfarm Payrolls report, which will be released on Friday, is eagerly awaited by investors trying to gauge the timing of the Fed’s first interest rate cut, with expectations currently targeting June as the Fed’s potential start for a soft landing for the economy. Signs of continued strength in the labor market may make it difficult for investors to dispel concerns that a stronger-than-expected economy could reignite inflation if the Fed begins to expand policy too early. Factors such as the Fed’s monetary policy and the overall state of the economy can greatly impact cryptocurrency valuations. If inflation persistently remains at high levels, the Fed’s plans to lower interest rates may be postponed until 2025. A high interest rate also tends to increase the value of the US dollar, which could be negative for Bitcoin. Economists expect the economy to add 190,000 jobs in February following a surge of 353,000 in January, which was the largest increase in a year.

Bitcoin above 60,000 USD

Last Wednesday, for the first time since November 2021, the value of Bitcoin surpassed $60,000. It then reached $64,000 and approached its historic high due to high demand for ETFs. The increasing trading volume of spot Bitcoin ETFs, as well as the purchases they made, brought the world’s largest cryptocurrency one step closer to its historic peak. And when we look at the changes in February since 2013, last February was the most profitable February.

https://bitcoinmonthlyreturn.com/

By the volume of NFT sales in the last 24 hours, we see Bitcoin in the first place, Ethereum in the second place, and Solana in the third place. The success of the Solana network in NFT sales is evident from its increasing performance.

https://www.cryptoslam.io/

If we evaluate Bitcoin this week according to the Elliott Wave Theory; we see that the direction is upward, but the risk-reward ratio (R/R) is negative. The appropriate value range here is between 1 and 8. Waiting for the right time to trade will ensure healthy results. Bitcoin, approaching its previous peak, may want to make a correction this week, so it would be beneficial to proceed with caution in transactions while considering this possibility.

ETH:

If we evaluate Ethereum this week based on the ITB analyses available on our EgeMoney website:

We observe that the percentage of investors who own Ethereum and are in profit, meaning their cost is above the current price, is at the level of 91%. It is approaching 100%.  This is certainly pleasing, but the signals also suggest the possibility of a correction, presenting us with ‘2 decreases, 1 neutral, 1 increase.’ The increase in whales also raises the question of whether profit-taking may occur.

“The investment information and comments contained in this research report are not investment advice.”

Gizem Günay

Araştırma Uzmanı at EgeMoney

Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.

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