End of crypto winter in sight? Bitcoin and Ethereum up more than 12% year-to-date

Charlie Taylor

After a few weeks of declines, bitcoin (BTC) and ether (ETH) are finally rising this Friday (8). up 12.7% in the last seven days and up 5.6% in the last 24 hours alone, according to CoinMarketCap. Ether is also gaining, priced at $1,222, up 3.5% on the day and up nearly 17% on the week. Blockware analyst Joe Burnett opined on what might be happening. He cited bitcoin’s correlation with the NASDAQ index — which has surged 5% over the past five days — as well as recent sell-offs by companies in digital recovery, such as the Three Arrows Capital fund, creating a “local fund.” doubts contributed to creating at least a local fund from which the price can rise,” Burnett told Decrypt via private message on Twitter. In his opinion, the bitcoin mining industry is also impacting the price of the cryptocurrency. in a capitulation by miners (by the ‘hash ribbon’ metric) and there are signs it will end soon if the price doesn’t drop further,” Burnett said. “Mer capitulations add short-term selling pressure as miners liquidate their cash in bitcoin to continue operations.” Capitulation is the term given to when investors forgo gains by selling their positions in downturns. The “hash ribbon” metric are long-term signals that indicate macro bottoms on the bitcoin price chart.

End of the domino effect?

The current crypto winter has seen cryptocurrencies hit zero, multiple companies filing bankruptcy filings, a wave of layoffs and a liquidity crisis. Does this sudden rise in prices indicate that market fears are abating? Dan Held of Kraken thinks so, arguing that the “mass contagion” of an ongoing domino effect — when the failure of one crypto company affects another — has been “contained” by FTX, a broker whose CEO claims he still has billions of dollars to allocate and bail out crypto companies if necessary.

Similarly, analyst Caleb Franzen of Cubic Analytics considers the 200-day moving average of bitcoin and ether to be a metric — if prices surpass it — that can make traders make more gains.

Others aren’t so sure. Will Clemente, bitcoin analyst at mining company Blockware, highlighted bitcoin’s weekly moving average (or WMA) of $22,520 as an important metric. If the cryptocurrency’s price continues below this value, the decline could linger.“The reaction to the 200-day weekly moving average can be quite revealing,” he explained.

*Translated by Daniela Pereira do Nascimento with authorization from Decrypt.co.\r\n window.uolads.push({id: \”banner-970×250-area-1\” });\r\n \r\n

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