Data from different sources showed BTC/USD acting in a narrow range as the week began, with traders split over short-term outcomes.
On short periods, Bitcoin isn’t looking so hot, and Ethereum is becoming a more popular alternative.
As the first Wall Street trading days of 2022 got off to a sluggish start, Bitcoin (BTC) crisscrossed $47,000 on Jan. 3.
“It’s just a matter of time before BTC breaks out, and the longer it takes, the harder it will pump,” popular Twitter account Galaxy summarized.
“Q1 is up only. You heard it here first.”
Such optimism was far from universal, however. Michaël van de Poppe stated that, the time had come to look closer at altcoins than BTC.
“Good bounce from Ethereum and I think this one is bottomed,” he said about the state of ETH/USD Monday.
“Still need additional confirmation, but shows more strength than Bitcoin at this point. Ultimate confirmation above $4,100.”
ETH/USD was up over 2% in 24 hours at the time of writing, with BTC/USD conversely showing no inclination to tackle even daily highs.
On Wall Street, the S&P 500 was slightly higher at the outset, on expectations that the first half of the year will be a further windfall for equities, thanks to the potential of crucial interest rate hikes.
The US dollar, meantime, received an unexpected lift on Jan. 3, with the US dollar currency index (DXY) suddenly rising – to Bitcoin’s harm, as is normal.
Meanwhile, TechDev spearheaded the charge against bearishness among Bitcoin-focused analysts, stating that on-chain indicators do not support a bearish view.
He added at the weekend that worries about the relative strength index (RSI) and moving average convergence/divergence (MACD) pale in comparison to more basic indicators that have yet to reflect a dismal picture.
TechDev was in excellent company, with conviction remaining high and sales dropping.
“In case no-one noticed, we have come a long way from nerdy retail HODL’ers being the buyers of last resort,” entrepreneur Alistair Milne added.
“We now have billionaires, multinationals and countries waiting to buy the dips. Whoever is taking the other side of the trade needs their head examined IMO.”
Some believe that a new influx of institutional interest is about to commence this month.
To read our blog on only 0.01% of People on the Globe Owns $232 Billion in Bitcoin, click here.
