Bitcoin (Cryptocurrency: BTC) accelerated its price gains during Friday's 24-hour trading session, with bulls moving in and buying the dip at the 21-day exponential moving average (EMA), briefly over 8% before the cryptocurrency rebounded. It fell. Just off the low of the day.
Weekly inflows into cryptocurrencies hit a record $3.4 billion, and although Bitcoin slumped on Thursday and Friday, the cryptocurrency has surged about 60% since market close on Dec. 31, 2023.
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Explaining the strong bullish cycle that the crypto market is experiencing, Bank of America's Chief Investment Strategist said: michael hartnett, Marxist theorist and social activist Antonio Gramsci said: This is the age of monsters. ”
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Furthermore, Mr. Hartnett said that the current economic situation, where consumer price index (CPI) inflation is expected to jump to 3.6% year-on-year by June for the headline CPI and 4% for the core CPI, Investing in commodities, cryptocurrencies and cash.
On the other hand, Bitcoin ethereum (Crypto: ETH) and Dogecoin's Friday’s (Cryptocurrency: DOGE) retracement may have spooked investors, especially those monitoring cryptocurrencies on shorter time frames, so an exit is necessary. In the short term, traders only need to look back to March 5th. On the day, Bitcoin plummeted 13% to a level of $59,224, before finally hitting an all-time high of $73,835 on Wednesday.
Traders who believe history repeats itself and Bitcoin will continue to trade higher within a post-retracement bull cycle may choose to make a move by taking a position. Grayscale Bitcoin Trust ETF (NYSE:GBTC).
GBTC is a popular spot Bitcoin ETF because it is highly liquid and provides traders and investors with a high level of flexibility to manage their trades, with an average 30-day trading volume of over 14,000 shares .
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Bitcoin and Ethereum charts: Bitcoin and Ethereum bucked Friday's uptrend by forming lows lower than the lows the respective cryptocurrencies formed on March 11. However, both cryptocurrencies rebounded from Friday's lows, with Bitcoin and Ethereum trending higher. Prints hammer candlesticks on the daily chart to indicate a possible local bottom.
Bitcoin and Ethereum lost support at the 8-day EMA on Friday, but are above support at the 21-day EMA. This retracement brought Bitcoin and Ethereum's Relative Strength Index (RSI) back from overbought territory to neutral territory, a positive development for bullish traders.
Bulls would like to see Bitcoin and Ethereum trade sideways for a period of time with decreasing trading volume, but this could mean that the bears are unable to take control and a period of consolidation is likely. It will show that it is a work in progress. Bears want Bitcoin and Ethereum to close Friday trading near intraday lows and for the cryptocurrencies to settle within the 21-day EMA over the weekend, which could accelerate downside pressure. .
Bitcoin’s resistance is at an all-time high of $69,000, and below it are $66,999 and $64,899.
Similar to Bitcoin and Ethereum, Dogecoin lost support at the 8-day EMA on Friday but remained above the 21-day EMA. Also, similar to Bitcoin and Ethereum, Dogecoin also worked to print hammer candlesticks on the daily chart.
Bulls are hoping that Dogecoin will eventually surge towards the 20 cent level, which would force the cryptocurrency to break out of its sideways pattern and hit higher highs. Bears want Dogecoin to break below the 21-day EMA and confirm a new downtrend.
Dogecoin has resistance on the upside at $0.176 and $0.196, and support on the downside at the 16 cents and $0.146 marks.
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