In this one of the latest cryptocurrency news magazine, you will get to know all the weekly updates regarding the market. The recent Bitcoin bull run was buoyed by sustained demand from institutional investors. Grayscale Investments was one of the main entities that saw large institutional inflows. However, that trend seems to be changing, according to JPMorgan strategists led by Nikolaos Panigirtzoglou. The analysts warned that the flows on a four-week rolling average has slowed down and due to this, Bitcoin may not break above $40,000.
However, a correction in Bitcoin may not alter its long-term story. Vijay Ayyar, head of Asia Pacific with crypto exchange Luno, believes that Bitcoin will slowly move towards gold’s market capitalisation and that could propel Bitcoin way above $50,000 in the long-term. While Bitcoin may not rise to a new all-time high in a hurry, crypto inflows hit a record $1.31 billion last week, according to CoinShares data. This shows investors are not chasing prices higher but are buying on dips.
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According to our assumption outlined in the previous analysis, the bulls could not push the price above the downtrend line. That led to a sharp fall below the 20-day EMA on January 21 and Bitcoin dropped to the 50-day SMA on January 22. Although the price rebounded off the 50-day SMA, the bulls could not push and sustain the price above the 20-day EMA.
This suggests the sentiment has turned bearish and traders are now looking to sell on rallies to strong resistance levels. The Doji candlestick pattern with a long wick on January 25 shows the bears sold the minor rally above the 20-day EMA.
The bears are currently attempting to sink the price to the £21,000 support. The 20-day EMA has started to slope down and the RSI is trading in the negative territory, suggesting the bears are attempting to make a comeback.
If the price breaks and sustains below £21,000, the BTC/GBP pair will complete a bearish descending triangle pattern. If that happens, the pair could drop to £16,459.75 and then to the pattern target at £11,064.
This bearish view will invalidate if the pair turns up from the current levels and breaks above the downtrend line. Such a move could catch the bears off guard and may result in short-covering that could push the price back to the high at £30,936.
Lastly please check out the advancement’s happening in the cryptocurrency world.
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LATEST BITCOIN NEWS MAGAZINE FOR
FEATURING IN THIS WEEKS EDITION
BANK OF SINGAPORE’S CHIEF ECONOMIST SAYS CRYPTOCURRENCIES COULD EDGE OUT GOLD
The Bank of Singapore is the latest institution to favor cryptocurrencies in its push to usurp gold. Optimism over the asset class is high, with the industry showing signs of more growth.
JP MORGAN GIVES 3 REASONS TO ADD BITCOIN TO INVESTMENT PORTFOLIOS
JP Morgan has outlined three key reasons why investors should add bitcoin to their investment portfolios. Small allocations to cryptocurrencies would “improve portfolio efficiency due to high returns and moderate correlations,” JPMorgan’s analyst explained.
WORLD ECONOMIC FORUM TO HOST CRYPTOCURRENCY DISCUSSIONS AT DAVOS THIS WEEK
The International Organization for Public-Private Cooperation has been vocal about its stance on the burgeoning crypto market. And it’s now discussing it more formally.