Cryptocurrencies turn green this Friday, when purchases return to the market after Thursday’s falls. Bitcoin wants to try again above $40,000 but experts warn that the corrective phase is not over yet.

Ethereum returns to the rise and flies above $2,800, a resistance level that has limited the rise in recent days. Thursday’s falls were in line with what the charts for the second-largest digital currency by market capitalization were pointing to, and the price retested the $2,600 support. In fact, it left a low slightly below this price, according to data from CoinMarketCap, and sent a good feeling by managing to close above it; hence, the experts indicate that it can try again at $2,800.

This is the area to overcome for ether – the unit of the Ethereum network – to have any chance of recovering the $3,000 it lost on January 21.

Other news related to this currency highlight that the transfer activity on the Ethereum network has seen an increase during the beginning of February after the whales of ether (ETH), the native token of this chain of blocks, began to move the cryptoactive in large quantities. Almost 90,000 coins moved from Binance to unknown wallets on February 3.

Also noteworthy are the increases in the SOL token of the Solana network or the LUNA token of Terra. The former returns to prices above $100, from yesterday’s falls to $95, while the latter advances above $51.

Several news items have contributed to this behavior. On the one hand, the project has announced the launch of a new set of decentralized payment standards and protocols to allow merchants to get paid on the Solana blockchain. According to a communication on Twitter, it is “an open-source, secure, decentralized payment protocol for the next generation of merchant payments.”

On the other hand, the optimism surrounding this token has also added the news that Phantom had raised $109 million in a series B funding round. The platform also launched a Phantom app on iOS devices.

As for Terra, it has been under the spotlight for the scandal related to decentralized finance (DeFi) platform Wonderland.

Cardano also leaves notable gains, while dogecoin is torn between red and green. The total capitalization returns to $1.75 billion after yesterday’s drops in the combined market value of cryptocurrencies.

By Audy Castaneda

If the price breaks through the 8 EMA and 18 SMA, it could rebound more broadly. If Bitcoin were to lose the support zone from USD 35,000 to USD 29,000, it would confirm the search for USD 20,000.

The current recovery in the price of Bitcoin could give optimistic signals for February. The following weekly forecast will help uncover where the value of the pioneering cryptocurrency could head.

Bitcoin is trading at around USD 38,573 and has accumulated a 5.9% gain over the last seven days. Its daily trading volume is above USD 18.02 billion, and its market capitalization is about USD 738.05 billion, according to CoinGecko.

Analyst Andrés Tejero recently pointed out that several factors are causing fear in the cryptocurrency market. He mentioned the pressure from regulators, the possible increase in interest rates, and the uncertainty of Bitcoin mining due to high electricity consumption.

Interest rates are the aspect that has caused the most uncertainty in the stock market as a whole. However, the US Federal Reserve (Fed) continues to postpone increasing rates progressively.

Many hope that Bitcoin will decouple itself from risky asset market fluctuations, but it has not. For that reason, macroeconomic situations such as the current one could continue to harm it by generating a feeling of fear.

Despite Negative Indicators, Bitcoin Gives Optimistic Signals

The current rally of BTC clearly shows that calm comes after the storm. After its price suffered a sharp drop, on-chain metrics are encouraging for the short term.

The weekly metrics summary by CryptoQuant indicates that the bearish tide is calming down, and there could be a further respite ahead.

Although many indicators show neutral signals, the balance moves slightly towards the buy side.

Most metrics that track supply and demand, whale behavior, and market sentiment are bullish.

Technical oscillators, which were bearish for several weeks, have recently turned around.

The Weekly Forecast of the Price of BTC

The Bitcoin daily chart shows that the respite has not been very long, so there could be more selling in the short term.

However, sellers have yet to regain control of the Bitcoin market. As the days go by, the price could break through the top of the small channel in which it is, leading to further gains.

After the short-term trend, the price crossed the 8 EMA and 18 SMA to the downside. If it broke through them, a scenario with a 45% chance in favor, there could be a broader rally next week.

A bearish candlestick on heavy volume starting in February would invalidate the optimistic weekly forecast for BTC. If that happens, the price would quickly seek the area around USD 31,000.

Bitcoin Attempts to Hold the Most Significant Support Zone

Buyers are currently trying to defend the BTC price from a drop that could be rather worrying.

Bitcoin is touching the most significant support zone, ranging from USD 35,000 to USD 29,000 approximately. If it were to lose it, it would confirm the beginning of the crypto winter and the possible search for USD 20,000.

It is not very likely that this will happen, but nobody can rule out that scenario.

The price currently rejects low prices, using the 18-month SMA as a dynamic support. A crucial rally in the value of the pioneering cryptocurrency may be about to occur in the coming days.

By Alexander Salazar

The fundamental parameters of the Bitcoin blockchain do not support the recent drop in the price. Cryptocurrency market analysts foresee that there will be a rebound in the short term.

Amid the downtrend from its all-time high of November 2021, the price of Bitcoin has recovered by 6.2%. Although it hit a low of USD 33,000 on January 24^th, it has rebounded moderately to trade at around USD 38,689.

The US Federal Reserve (FED) recently announced the increase in interest rates scheduled for next March. That was one of the primary drivers of the BTC price over the last week.

The drop in the value of BTC last week marked a 50% retracement from the all-time high of USD 68,789. The subsequent recovery in the price in the following days has taken its price to 45% below its record price.

The Bitcoin Price Could Return to USD 30,000

If the downward trend in the value of Bitcoin continues, it could go back to USD 30,000. Many analysts view that level, reached after the price correction in mid-2021, as new price support.

The USD 30,000 level seen in January and July 2021 has been the most critical level over the last year.

Curiously, that price level marked the start of the two hugest bullish runs of 2021, which resulted in a Bitcoin price return of over 100%.

Featured Weekly Chart of the Price of Bitcoin

A report from Crypto.com shows the growth in the number of cryptocurrency holders in 2021. It states that 3.83% of the world population, equivalent to around 295 million people, owned Bitcoin or other cryptocurrencies at the end of the year.

The weekly chart shows a 3-fold increase in cryptocurrency holders over the last year. Those already interacting with cryptocurrencies went from 106 million to 295 million, representing a 178% increase in 12 months.

Extrapolating that growth rate, it may reach the mark of 1,000 million cryptocurrency holders at the end of 2022. For that to happen the growth in the number of holders is 239% or higher will be enough.

Willy Woo Believes in a Possible Short-Term Bitcoin Rebound

The technical fundamentals of the Bitcoin blockchain did not support the drop in the price of the cryptocurrency in the last week. According to Willy Woo, this drop may be rather a sign of re-accumulation in the market.

The renowned analyst explained that long-term holders had sold their coins at a much lower level than in the correction of May to July 2021.

The Bitcoin Price Could Exceed USD 1 Million in 2030

A recent report from Ark Investment Management states that the price of Bitcoin could exceed USD 1 million by 2030.

According to the study, the distribution of the market capitalization will place the value of the cryptocurrency at USD 1.36 million within ten years. That price per BTC would make the market capitalization of Bitcoin increase 25.9 times. It would go from USD 1.1 trillion in 2021 to USD 28.5 trillion in 2030.

By Alexander Salazar

Those long-term holders accumulated 50,753 BTC, equivalent to 52.56% of the weekly total. However, they only transferred 36,333 BTC from unknown wallets to exchanges and 9,475 BTC between these platforms.

Amid a market that has suffered ups and downs in recent weeks, the Bitcoin whales close the month of January with definite trends. From January 10^th to 16^th, those long-term holders moved a total of 96,561 BTC through 70 operations. Below are the details and the influence that this may or may not have had on BTC.

It is necessary to contextualize that activity to better dig into the status of the whales and the market as a whole. However, this is just a micro approach to one of the many factors that can influence the performance of BTC.

Weekly Analysis of the Activity of the Bitcoin Whales

The predominant trend in the activity of the Bitcoin whales over the last week was accumulation. In that sense, they moved 50,753 BTC, equivalent to 52.56% of the weekly total. However, they did not carry out such operations during the weekend.

The second-highest trend in the behavior of the whales was the introduction of liquidity to the market. They transferred 36,333 BTC from unknown wallets to exchanges, accounting for 37.63% of the weekly total.

The transfer between exchanges, with 9,475 BTC, became the weakest trend, accounting for 9.81% of the weekly total. According to Whale Alert, it is relevant to know that there were no operations between unknown wallets over the last week.

The Performance of Bitcoin Over the Last Week

Bitcoin is trading at around USD 37,771 and has accumulated a 4.1% gain over the past seven days. Its daily trading volume is above USD 15.42 billion, and its market capitalization is about USD 715.57 billion, according to CoinGecko.

There has also been a recovery from the downward trend that took Bitcoin to USD 33,000. However, that is still insufficient for stating that there has been a definite bullish bounce in the market. There has been a constant fight that fails to break in either direction.

Intraday charts show that short-term momentum seems to be improving. However, the accumulation trend reveals that the whales are unwilling to sell their BTC holdings. In addition, there could be a pullback in the price of the pioneering cryptocurrency in the shorter term.

Some experts believe that Bitcoin could touch USD 32,000 in the coming days, as there is a lot of resistance at that level. At a technical level, indicators suggest that next week may be neutral, with the 14-day Relative Strength Index reading 39.67. However, the markers moved more towards the sell side, although the whales are yet to reflect that.

The behavior of the whales is a factor contributing to the change in the price of the pioneering cryptocurrency. For that reason, it is relevant to know what those long-term holders have done over the last week. In addition, it is crucial to remember that the performance of BTC affects the crypto market as a whole.

By Alexander Salazar

Those who trade in cryptocurrencies must have a strategy to prevent emotions from affecting them if they lose money. Big investors move the emerging market because they work with technology instead of emotions.

Emotional maturity is crucial for trading Bitcoin (BTC) and other cryptocurrencies since it allows earning profits. Stress and feelings can lead to exit the market, where investors can make or lose money.

Several professional cryptocurrency traders recently agreed that leverage is one of the most exciting moves. Those experts pointed out that this type of investment makes it possible to trade with borrowed money.

When trading, investors should have a strategy to prevent emotions from affecting them if they lose money. Andrés Urquiola, the CEO of the firm Val-U, stressed that the best traders are those who are colder.

Although he sees leverage as beneficial, it could be detrimental for new traders. He warned that a leveraged investor who manages risk wrongly could blow up the account.

In the case of Joe, a professional trader, and CEO of IKAGI academy, he thinks that leverage is excellent. Furthermore, he explained that the success of that market is 99% psychological and 1% technical.

He pointed out that leverage does not define the amount of money to earn but the risk assumed for that trade. He added that various psychological factors contribute to investment failure, so the person should control emotions to control risk.

Big Players Make the Market Move

Urquiola stated big players, like whales and market makers, move the cryptocurrency market. Since they hold large amounts of money over the long term, they can manipulate the market.

For that reason, the executive referred to emotions again, explaining that psychology drives strategies and performance. However, he said that big investors move the emerging market because they work with technology instead of emotions.

Joe believes that the market is supply and demand, so he sees it essential to distinguish between trading and investing. He said that many people try to be traders and investors, which he considers inadequate strategies.

The Way to Start in Cryptocurrency Trading

The specialists agreed that it is essential to learn the market basics to start trading. Urquiola recommended not beginning by seeking to make money but with the basics since it is transversal.

Joe emphasized that the person must first define whether he is an investor or a trader. He also finds it crucial to understand what candlesticks do and know the most common patterns. He said that it is unnecessary to dig too deep at first as experience will make that possible.

The trader advised focusing on a single investment system, getting used to it, understanding it, and putting it into practice. He commented that the market would show the person what would go best with his personality.

Venezuelan developer and trader Franklin Noriega explained that it is essential to define personal intentions to start trading. He suggested trying out candlesticks and other indicators with a demo account without real money. He said that the investor should determine what he wanted to achieve after acquiring the knowledge.

In conclusion, the experts consider that cryptocurrency trading has marked differences and similarities with traditional trading. For that reason, they recommend taking it seriously and not lightly, as is often the case due to lack of regulation.

By Alexander Salazar

Socios.com welcomes the Court’s decision and assures that it will collaborate with the Argentine Justice. The price of the fan token of the Argentine National Team increased its price by up to 100%.

A judge in Argentina decided that the Argentine Football Association (AFA) and the cryptocurrency exchange Binance must desist from carrying out acts of the consummation of pre-contractual negotiations, instrumentation, and execution of commercial agreements in the announcement made by the AFA on January 24 on its website.

This decision appeared on January 28, by Judge María José Gigy Traynor, concerning the alliance between the sports entity and the exchange. The deal also added sponsorship agreements and the transfer of a right created to deal with fan tokens, which got covered by another company called Socios.com.

In addition, the caution resolution qualified as “not to innovate” adds a ban that impedes the execution of any act that could alter the rights of emerging partners of the agreements or of those users who have managed to acquire the fan tokens.

It is worth clarifying that, like any precautionary measure not to innovate, this one gets oriented to preserve while the first process is substantiated. It could represent an inalterability of a factual or legal situation existing previously to the conduct of one of the parties.

In other words, the AFA must comply with the contract as it got signed with Socios.com and not move forward with any other deal that could dare to prevent the execution of the first one.

Days ago, Socios.com had warned to initiate legal action against the Argentine Football Association for what they consider a breach of contract. In addition, the company specializing in sports team tokens explained that, by handling another agreement to achieve the issuance of new items, the AFA is not respecting those millions of fanatics that it has actively encouraged to purchase fan tokens on Socios.com.

Argentina Fan Token Price Grew 100%

The same day the decision appeared, the Argentine fan token price increased 100%. The increase happened in just a few hours.

$ARG managed to trade up to USD 2.64, both on the Socios.com platform and the Chiliz exchange. Since October of last year, such a price was never reached for the fan token of the Albiceleste team before.

Many holders of this fan token felt affected by the conflict between Socios.com and the AFA as they did not know if the item they had purchased would continue to be the official one or if Binance would issue a new token. This situation pushed many holders to sell their holdings which lowered its price.

On the other hand, the resolution sets up a limit on the actions of the AFA and Binance. It remains to wait for Justice to get defined on this matter.

By: Jenson Nuñez