Bitcoin (BTC) was flat, trading in $43,000 – $45,000 range in London morning trade, as the market awaits for hints that could spark a bullish or bearish momentum. The whole market capitalisation added 0.51% to $1.99trn over the last 24 hours.
Analysts from Delphi Ventures, Jason Pagoulatos and Kevin Kelly, predict that if BTC keeps grinding higher, it could be met with what “will likely be a heavy level of resistance” at $46,000-$48,000.
“Above this level and we likely see a squeeze towards $50K+,” they write.
“If the structure is indeed shifting from a downtrend into a more bullish market structure, we would like the first level of support to hold and for buyers to front run our lower levels. This means we want to see $40K hold. Should we lose $40K, the next level of market structure is at the $38.5K area, as it previously acted as resistance, and has since become support. Should we lose this level, we’d expect prior lows to be revisited once again,” they added.
Quote of the day
Former hedge fund manager and crypto enthusiast Mike Novogratz offers his take on bitcoin vs. gold debate:
Everything doesn’t have to come from a position of either or. The gold charts look good. You can be bullish gold and $BTC. Both are perceived as stores of value to protect against debasement of fiat. Gold underperformed for a while. $BTC and crypto are in an adoption cycle https://t.co/qZxdfQqb2q
— Mike Novogratz (@novogratz) February 15, 2022
Top cryptocurrency coins by market capitalisation
As of 11:00 GMT:
Winners and losers
- Metaverse tokens MANA and AXS were among the biggest gainers over the last 24 hours, adding 8.05% and 5.94% in the period
- Unus sed leo (LEO) lost 21.19% over the last seven days – but this was gainst its last week’s rally
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