Bitcoin crosses $ 42,000 level, Ethereum over $ 3,000 when dogecoin and meme coins also shine – why the pressure on the crypto market is still on – Bitcoin – US dollars ($ BTC)
Bitcoin and other major currencies traded higher Sunday night as the global market value of cryptocurrency rose 1.6% to $ 2 trillion.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 1.5% | 11% | $ 42,168.70 |
| Ethereum (CRYPTO: ETH) | 0.2% | 16.3% | $ 3,035.26 |
| Dogecoin (CRYPTO: DOGE) | 3.3% | 9% | $ 0.15 |
| Cryptocurrency | 24-hour% change (+/-) | Price |
|---|---|---|
| Shiba Inu (SHIB) | +22.1[ads1]% | $ 0.00003 |
| Axis Infinity (AXS) | +16.2% | $ 68.21 |
| Loop ring (LRC) | +15.3% | $ 1.11 |
See also: How to buy Bitcoin (BTC)
Why it matters: The dollar fell 1.8% last week, which is one of the largest percentage declines since November 2020, according to a Reuters report.
In a recent video, cryptocurrency trader Justin Bennett talked about the inverse relationship between the dollar index and Bitcoin.
“Every time Bitcoin peaks at the end of every bull cycle, the dollar has bottomed out,” Bennett said.
On Friday, Bennett tweeted that if the dollar index – a measure of the dollar’s strength against a six-currency basket – closes the week below last week’s opening of 95.63, then we have a weekly bearish swallow.
The dollar index rose 0.1% to 95,446 on Friday, according to Reuters.
Now that you know why $ DXY means something to #kryptohere’s the latest …
If DXY closes this week during last week’s opening of 95.63, we have a weekly bearish engulfing.
The last time this happened at a perennial turning height was March 2020, then $ BTC started its 1500% rally. https://t.co/36Jy6Zug5c pic.twitter.com/rDobpvGCSz
– Justin Bennett (@JustinBennettFX) February 3, 2022
The reason for the dollar index’s appreciation on Friday was the US non-farm wage report which indicated that 467,000 jobs were added last month, according to Reuters.
Edward MoyaOANDA’s senior market analyst said that the non-agricultural wage report was a “shocking” one that sent government interest rates higher as expectations of a more aggressive money tightening increased.
“Bitcoin could have trouble breaking above the $ 40,000 level if Wall Street becomes confident that the Fed will raise interest rates by half a point in March,” Moya wrote on Friday.
In particular, although the apex coin traded above the $ 40,000 mark on an intraday basis on Sunday, volumes remained thin over the weekend.
Pseudynomic cryptocurrency analyst Altcoin Sherpa tweeted that it is likely that BTC will see a lower high in the middle of the $ 40,000 series.
$ BTC: It is highly probable that the lower high will enter; my guess is the middle of 40ks. Lots of confluence with 200D EMA / PoC on volume profile. The key for me is where the low is set – if it is a higher low or lower low, that is the question. #Bitcoin pic.twitter.com/3aCHXmXruf
– Altcoin Sherpa (@AltcoinSherpa) February 6, 2022
Meanwhile, Ethereum saw the $ 3000 mark again after two weeks of trading below that level. The amount of unique Ethereum addresses as transactions also reached a two-month high, Santiment, a financial market data and content platform, said on Twitter.
On a much busier Saturday than usual, #Ethereum #hodlers was excited to see the market value number 2 regain the $ 3000 threshold for the first time in over 2 weeks. The amount is unique $ ETH Address transactions have also reached a 2-month high. https://t.co/c9I91wiDX7 pic.twitter.com/T9RCuW2qfb
– Santiment (@santimentfeed) February 6, 2022
Read next: EXCLUSIVE: Popular conflicting investor CryptoWhale on why he became bearish on Bitcoin, how the Dogecoin community is ‘fun’, increase in altcoins and 2022 prediction
