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.
Ethereum is the centre of attention.
BTC/USD was trading in a close range as the week began, according to data from Cointelegraph Markets Pro and TradingView, with traders split on short-term outcomes.
“It’s just a matter of time before BTC breaks out, and the longer it takes the harder it will pump,” Galaxy, a popular Twitter account, summarised the situation.
“Q1 is up only. You heard it here first.”
However, such optimism was not universal. The time had come, according to Cointelegraph contributor Michaal van de Poppe, to look more closely at cryptocurrencies than BTC.
“Good bounce from Ethereum and I think this one is bottomed,” He commented on the current condition of ETH/USD on Monday.
“Still need additional confirmation, but shows more strength than Bitcoin at this point. Ultimate confirmation above $4,100.”
At the time of writing, ETH/USD had gained almost 2% in the previous 24 hours, but BTC/USD had shown no desire to challenge 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.
Meanwhile, the US dollar received a lift on Monday, with the US dollar currency index (DXY) rapidly rising – to Bitcoin’s harm, as is normal.
Don’t worry about the bearish divergence.
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,” Alistair Milne, a businessman, 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.
