Essence Summary: Bitcoin hovers near 97 thousand dollars, where LTC and Tao acquire daily gains
Traders remained cautious as Bitcoin was trading sideways above the support level of $ 95,00,000 throughout the day amid macroeconomic pressure.
Despite a slow day for prices, the total market value of encryption was recovered to the levels that were last seen on February 5.
During the past 24 hours, it has increased by 0.64 % at 3.33 trillion dollars.
The same cannot be said about the Crypto Fear and Greed index, which has slipped to 43 for the first tie tie since mid -October 2024, reflecting more frequency feelings among investors.
With Bitcoin in a period of monotheism, some small green candles appeared across the Altcoin market, but the bullish momentum was unprecedented.
Why is Bitcoin move side by side?
Market experts agree that Bitcoin currently lacks a great incentive that can help stir up his next leg.
Moreover, traders were also preparing for several major economic data for January, which could greatly affect the standard price of digital currency.
After US President Donald Trump’s tariff shook him on Mexico, Canada and China, Bitcoin faced new pressure as the market expected his last introductory speech to work.
On January 9, Trump raised the idea of a 25 % blanket tariff on steel and aluminum imports, along with the mutual tariff for all commercial partners.
Now, with an expected official announcement with just 11 or 12 February, and perhaps a solid customs tariff may be displayed even early on February 10, the markets are preparing to influence.
Bitcoin fell to the lowest level of the day at 94,761 dollars after the news erupted.
Traders are also awaiting major inflation data such as the Consumer Prices Report (CPI) expected on February 12, the initial fair claim report, and the product price index set for the next day.
These numbers are important because they directly affect the next step for the Federal Reserve on interest rates.
If the inflation comes in less than expected, the markets can be priced in more aggressive discounts, which may weaken the US dollar and nourish morale on the risks, and the good news of Bitcoin.
However, if the consumer price index rises to the upward trend, the Federal Reserve may force or even stop the price sessions, which will enhance the dollar and affect risk assets, including BTC.
It is also expected that the head of the Federal Reserve, Jerome Powell, will witness in front of Congress from February 11 to 12, where he presented the latest ideas in monetary policy.
What is the following for Bitcoin?
Currently, Bitcoin needs to exceed 95,000 dollars to avoid a further decline according to market experts.
According to Andre Dragush, head of research at BitWise Europe, BTC currently faces great pressure for sale during the 2022 bear market.
However, he stressed that he continued to show flexibility despite the current “exhaustion” of the “seller”, which puts the broader expectations as an upward.
However, it should remain more than $ 95,000, which was a decisive support range during the past week, as the decline is about $ 93,000 can provide additional pressure that can see that it decreases about 91,500 dollars, according to Ryan Lee, the chief analyst at Bitget Research .
Almost 2.16 billion of cumulative long situations on all stocks will be filtered if bitcoin decreases to less than $ 93,000, Coinglass also suggested.
However, if inflation data shows the cooling signs, some analysts expect the prices to test above.
For example, a prominent trader Michaël Van De Poppe expects to re -test the resistance level of $ 105,000 this week, which will turn into more than 8 % of the current levels.
The futures market market is also betting on a short -term BTC potential altitude, according to the ExitPumP Market.
More than one billion dollars have been added to the open interest, most of which are dominated by long positions today.
This usually means that traders are betting on the high bitcoin prices.
As of the time of the press, Bitcoin settled about $ 97,000 after it reached the highest daily level of $ 98,334.
The best altcoins can stay profitable
With Bitcoin moved, some liquidity entered the altcoin market, but the gains were limited to only a few altcoins from mid to top to the top 100 schemes.
The total maximum Altcoin market has risen from $ 1.24 to $ 15 trillion in the past 24 hours, but the broader feelings that the Altcoin season index slim out to 34. Bitcoin continued to control the market as a major motor.
Meanwhile, the supreme symbols to spread gains were a day:
Litecoin
Litecoin (LTC) led the highest gains over the past week among the 100 largest encrypted currencies, depending on the maximum market.
It has been traded by 10.9 % over the past 24 hours, as it reached the highest level during the day 118.56 dollars after the outbreak of the unification range of 97-109, as it was circulated for most of the week.
source: Coinmarketcap
Over the past day, the Litecoin market ceiling also rose to 8.87 billion dollars, while the daily trading volume doubled to more than a billion dollars until the time of the press.
The high price of Litecoin can be attributed to the anticipation surrounding the end of ETF at the end of this year.
The US Securities and Stock Exchange Committee (SEC) is likely to approve the Litecoin case, due to its similarity to Bitcoin.
As a result, the encryption community greatly expects the agency to agree on the immediately ETF, with polymarket data indicating the possibility of 81 % approval by 2025.
Bittensor
Over the past 24 hours, BitTensor (TAO) has increased by 10.3 %, trading at $ 394.97 at the time of publication.
The maximum AI COIN market was more than $ 3.5 billion, while its circulating supplies reached about 8.21 million.
source: Coinmarketcap
Today’s gains may be driven by exciting to the upcoming TAO launch on BitTensor Mainnet.
The upgrade is the old emissions in a model that is driven by the market and offers the sub -network symbols, allowing two mines, owners, and sub -network owners to earn bonuses on the basis of Tao Tao.
Many analysts have noted that Tao has formed a drunk wedge pattern on the daily chart and it appears to be ready for upward penetration over the resistance of patterns.
In technical analysis, this penetration is a bullish sign and may lead to other short -term gains as soon as it is confirmed.
Chimney
The stack (STX) increased by 6.2 % during the past day, as the hands exchanged at $ 0.97 while driving the market ceiling to more than $ 1.45 billion at the time of publication.
In the aftermath of recent gains, Altcoin was placed as the largest encrypted assets in the market in the market overcoming other major projects in the encryption industry such as Raydium, IMMUTABLE and Exceling.
source: Coinmarketcap
Most of these gains may have come after the news stating that the founder of Stacks Muneb ali bought $ 10 million of STX’s distinctive symbols.
Society expects to continue to keep them since he expressed his confidence in the future of Stacks, which fueled the upscale feelings among investors.
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