Bitcoin bites back: $46,000 becomes the essential level to flip to support

Welcome to the Cointelegraph Markets weekly newsletter where we look at the influential factors behind Bitcoin price action for the days ahead.

View this email in your browser Bitcoin bites back: $46,000 becomes the essential level to flip to support "The main cryptoskeptic case I hear now is that they don't want to live in a world where crypto is the winning paradigm. When megapolitical forces get personalized in this way, it means it's preordained." — Zhu Su Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. In Bitcoin, trend breakouts happen when the market least expects them — sentiment believes that resistance will never break and that new lows will appear. They may well do, but meanwhile, BTC/USD has exited a trading range that has been in place for the entirety of 2022 so far. Can it hold? That's the question that traders are grappling with as the week begins, as a support/resistance flip at $46,000 opens up the potential for an attack on $50,000 and beyond. The stars need to align for a change in the status quo to endure, and with macro headwinds remaining ominous, bulls need some serious sustained support to avoid a breakdown. What could end up moving the market for or against them in the coming days? Cointelegraph takes a look at the arguments for and against a bullish continuation for BTC price action. Continue reading to discover five topics especially pertinent to BTC hodlers this week. What trading range? Blink and you'll miss it? So far, Bitcoin is holding its highest levels of 2022, right at the top of its multi-month trading range. It almost seems too good to be true for weary traders, but finally, hope is building of a fresh attack on levels above $50,000. As has often been the case, RSI pointed the way to Bitcoin's latest gains, planting the indicator firmly on traders' radar this week. Decoupling is back… at least as a keyword Bitcoin's ongoing correlation with stocks is a headache for investors given prevailing macro conditions favoring a market retracement. For analyst Willy Woo, however, there are signs that a "decoupling" is once again underway, even echoing late 2020. Derivatives markets, asleep this year so far, are also coming back to life, he has revealed. No refunds For short-term holders who bought at $46,000 on the comedown from November's all-time highs, things have been hard. Now, they have the chance to "get their money back," Glassnode notes, and the risk of a sell-off at that level is thus all the more apparent. Will they be in the mood to hodl on in spite of it all? So far, there has yet to be a rush for the exit. Miner competition will soon be more intense than ever This will be reflected in Bitcoin's difficulty, which this week is estimated to jump nearly 5% to new all-time highs. Difficulty follows hash rate in hopping into previously uncharted territory — a testament to miners' long-term commitment. Remember China "banning" Bitcoin mining? The network certainly doesn't. Feelin' greedy What a difference a day makes when it comes to crypto market sentiment. Since last week, the Crypto Fear & Greed Index has mushroomed from 22/100 to 60/100, going from "extreme fear" to "greed." Greed last characterized sentiment last year, and current levels correspond to BTC/USD at $60,000. How sustainable is that? Look we get it, you like to procrastinate. But these LAST CHANCE deals are literally going away in like 3 days. So put that crypto to good use and grab this swag at the Cointelegraph Store while you can! Visit the Cointelegraph Store The Markets are moving, are you? Cointelegraph Markets Pro brings you deep analysis and alerts powered by machine learning to help you stay on the cutting edge as the markets evolve. Don't trade without doing your research! Data-driven trades are smart trades. Trade like a PRO 3.5 million people follow us on social media Download our official app:

This email was sent to 786lipisultana@gmail.com why did I get this?    unsubscribe from this list    update subscription preferences Cointelegraph · 21 West 46th Street · New York, NY 10036 · USA