Bitcoin has been rejected near the $44,000 price and has been moving sideways since earlier this week. The benchmark crypto could make another attempt to break this resistance levels but will most likely remain range bound until $50,000 and $53,000 are reclaim. Related Reading | Bitcoin Aims For $48K? BTC Reacts Upward To U.S. Inflation Report As of press time, Bitcoin trades at $42,341 with a 3.5% loss in the past day. BTC’s price has performed positively after the U.S. Consumer Price Index (CPI) print, a metric used to measure inflation. Before the report came out, the order book for Bitcoin was clear and has been re-arranging during the week forming new levels of support near $38,000 and $40,000. Data from Material Indicators shows an important cluster of bid order below BTC’s price current levels which suggest, at least for the short term, that bulls will continue to defend the $40,000 price mark. As seen below, there are over $20 million in bid orders around those levels. In that sense, analyst firm Jarvis Labs believes Bitcoin could see some weeks of relief and less selling pressure. This is supported by a bullish divergence in their 30-Day Returns for Bitcoin, as seen below whenever this metric returns to the 0% in that threshold BTC trends to the upside. The bounce has been driven mainly by retails investors, according to the firm, as measure by Bitcoin’s Accumulation Trends for the past month. Jarvis Labs added the following: The accumulation trend scores on a 30D basis show that retail has confidence in accumulating on the bottoms whilst the whales are more reluctant to do so. Scores on a 7D basis indicate the same behavior in contrast to the divergence we saw in December. Bears Can’t Shake Bitcoin Long Term Holders Two of Jarvis Labs’ metrics remain in the red, specifically those related to the amount of Bitcoin coins on the move and the amount of BTC compared with the amount of stablecoins in the market. This suggest some investors are selling at a loss and others are taking profits as the price reached $44,000. Furthermore, Jarvis Labs was able to determine that long term holders haven’t been shaken by the bearish price action.  Short term holders have dropped their average or realized price from $53,000 to $50,900 which poses no immediate threat to a relief bounce, but as the firm said, will contribute with future corrections. Takeaways (3): – Oculus drop alerts for BTC (43900) and ETH (3370) levels will likely lead BTC to consolidation before rising to 46-48k resistance levels. – Q1 rally would be a profit-taking period for most investors, as many VC unlocks and Fed activities are to come in Q2. — JarvisLabs (@Jarvis_Labs_LLC) January 13, 2022 As NewsBTC reported, Jarvis Labs has been waiting for some impact on the derivatives sectors in order for BTC to trend higher. That time seems to be here with negative funding for futures contracts on exchanges Binance, FTX, and most crypto platforms. Related Reading | TA: Bitcoin Bounces To $42K, Why BTC Could Recover To $43.5K If this metric continues to move into negative territory as prices trend to the upside, it could suggest a more sustainable rally. In that sense, Jarvis Labs added the following on Open Interest (OI), the number of total contracts traded across exchanges, and their impact on BTC’s price: Open interest/market cap change has been rising up to match the summer highs of 2021. As the price begins to rise now, this metric is starting to drop, indicating that a further short squeeze is possible.

Can earnings season soothe investors’ nerves? It’s been a turbulent start to the year in the markets and that’s unlikely to change as we move into earnings season. Fear of high inflation and accelerated monetary tightening is driving much of the volatility that we’re seeing in financial markets over the last couple of weeks and […]

Why crypto investors are concerned about monetary tightening.

The Canadian dollar is in positive territory and continues to have an excellent week, with gains of 1.28%. The currency is back below 1.25 and is looking to close below this symbolic line for the first time since mid-November. This week’s robust rally by the Canadian dollar is more a case of greenback weakness rather than […]

The Japanese yen continues to roll, with gains for a third successive day. USD/JPY has fallen below the 114 line and is now at its lowest level since December 21st. The yen has enjoyed an outstanding week, as USD/JPY is down 1.42%, its sharpest one-week decline since June 2020. Only a week ago, the USD/JPY […]

The U.S. CPI for December was released and this month could see peak dollar inflation. How will the bitcoin price reflect that?

One of the hottest topics in the United States in 2022 is the rising inflation, as the U.S. Labor Department’s data published on Wednesday indicated that the consumer price index (CPI) rose to 7% in December. This represents the largest annual jump since 1982. Federal Reserve governor Lael Brainard is set to tell congressional leaders […]

Canadian dollar climbs despite high US inflation The Canadian dollar has extended its gains for a third consecutive day. USD/CAD has dropped 0.15% on the day, enough to push the pair below the 1.25 level, which has psychological significance, for the first time since mid-November. It has been an excellent week for the Canadian dollar, which […]

The Japanese yen has extended its gains as USD/JPY trades at a 3-week low. In the North American session, USD/JPY is trading at 114.25, down 0.35% on the day. Will the yen break into 113-territory before the end of the week? Yen makes most of US dollar retreat The Japanese yen has jumped onto the currency […]

The New Zealand dollar has posted gains for a third straight day. Early in the North American session, NZD/USD is trading at 0.6886, up 0.56% on the day. The currency is on a tear, rising 1.62% so far this week. Strong risk sentiment boosts New Zealand dollar  There was plenty of anticipation ahead of the […]

The British pound has extended its gains for a third straight day. In the European session, GBP/USD is trading at 1.3736, up 0.23% on the day. There are no tier-1 events out of the UK today, so market participants will have to wait until Friday for a data damp which includes the monthly GDP report […]

Speaking on an interview Wednesday, Hong Fang, the CEO of crypto exchange OKCoin, opined that Bitcoin reaching $100,000 would not be a problem in the long term. (Read More)