{"id":7158,"date":"2022-02-07T02:54:00","date_gmt":"2022-02-07T02:54:00","guid":{"rendered":"http:\/\/egrowonline.com\/?p=7158"},"modified":"2022-02-07T02:54:00","modified_gmt":"2022-02-07T02:54:00","slug":"bitcoin-crosses-42k-level-ethereum-above-3k-as-dogecoin-and-meme-coins-shine-too-why-the-pressure-on-crypto-market-is-still-on-bitcoin-united-states-dollar-btc","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=7158","title":{"rendered":"Bitcoin Crosses $42K Level, Ethereum Above $3K As Dogecoin And Meme Coins Shine Too \u2014 Why The Pressure On Crypto Market Is Still On – Bitcoin – United States Dollar ($BTC)"},"content":{"rendered":"


\n<\/p>\n

\n

Bitcoin and other major coins traded higher Sunday evening as the global cryptocurrency market cap rose 1.6% to $2 trillion.<\/p>\n\n\n\n\n\n\n\n
Price Performance Of Major Coins<\/caption>\n
Coin<\/th>\n24-hour<\/th>\n7-day<\/th>\nPrice<\/th>\n<\/tr>\n<\/thead>\n
Bitcoin<\/strong> (CRYPTO: BTC<\/a>)<\/td>\n1.5%<\/td>\n11%<\/td>\n$42,168.70<\/td>\n<\/tr>\n
Ethereum<\/strong> (CRYPTO: ETH<\/a>)<\/td>\n0.2%<\/td>\n16.3%<\/td>\n$3,035.26<\/td>\n<\/tr>\n
Dogecoin<\/strong> (CRYPTO: DOGE<\/a>)<\/td>\n3.3%<\/td>\n9%<\/td>\n$0.15<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n\n\n\n\n
Top 24-Hour Gainers (Data via CoinGecko)<\/caption>\n
Cryptocurrency<\/th>\n24-Hour % Change (+\/-)<\/th>\nPrice<\/th>\n<\/tr>\n<\/thead>\n
Shiba Inu<\/strong> (SHIB)<\/td>\n+22.1%<\/td>\n$0.00003<\/td>\n<\/tr>\n
Axis Infinity<\/strong> (AXS)<\/td>\n+16.2%<\/td>\n$68.21<\/td>\n<\/tr>\n
Loopring<\/strong> (LRC)<\/td>\n+15.3%<\/td>\n$1.11<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

See Also: <\/em>How To Buy Bitcoin (BTC)<\/em><\/a><\/p>\n

Why It Matters: <\/strong>The dollar fell 1.8% last week, which is one of its largest percentage declines since November 2020, according to a Reuters report<\/a>.\u00a0<\/p>\n

In a recent video<\/a>, cryptocurrency trader Justin Bennett<\/strong> talked about the inverse relationship between the dollar index and Bitcoin.<\/p>\n

\u201cEvery single time Bitcoin is topped out at the end of each bull cycle the dollar has bottomed,\u201d said Bennett.\u00a0<\/p>\n

On Friday, Bennett tweeted that if the Dollar Index \u2014 a measure of the greenback\u2019s strength against a basket of six currencies \u2014\u00a0 closes the week below last week\u2019s open at 95.63 \u201cwe have a weekly bearish engulfing.<\/p>\n

The dollar index\u00a0rose 0.1% to 95.446 on Friday, as per Reuters.<\/p>\n

\n

Now that you know why the $DXY<\/a> matters for #crypto<\/a>, here’s the latest\u2026<\/p>\n

If the DXY closes this week below last week’s open at 95.63, we have a weekly bearish engulfing.<\/p>\n

The last time this occurred at a multi-year swing high was March 2020, when $BTC<\/a> started its 1,500% rally. https:\/\/t.co\/36Jy6Zug5c<\/a> pic.twitter.com\/rDobpvGCSz<\/a><\/p>\n

\u2014 Justin Bennett (@JustinBennettFX) February 3, 2022<\/a><\/p>\n<\/blockquote>\n

The reason for the dollar index\u2019s appreciation on Friday was the U.S. nonfarm payroll report which indicated that 467,000 jobs were added last month, according to Reuters.<\/p>\n

Edward Moya<\/strong>, OANDA\u2019s senior market analyst said that the nonfarm payroll report was a \u201cshocker\u201d which sent Treasury yields higher as expectations of a more aggressive monetary tightening rose.<\/p>\n

\u201cBitcoin may have difficulty breaking above the $40,000 level if Wall Street grows confident that the Fed will raise rates by a half point in March,\u201d wrote Moya on Friday.<\/p>\n

Notably, even though the apex coin traded above the $40,000 mark on an intraday basis on Sunday, volumes remained thin throughout the weekend.<\/p>\n

Pseudynomyous cryptocurrency analyst Altcoin Sherpa<\/strong> tweeted that it is likely that BTC will see a lower high in the mid $40,000 range.<\/p>\n

\n

$BTC<\/a>: Its highly likely that the lower high will come in; my guess is mid 40ks. A lot of confluence w. the 200D EMA \/ PoC on volume profile. The key to me is where the low is set- if it’s a higher low or lower low, that’s the question. #Bitcoin<\/a> pic.twitter.com\/3aCHXmXruf<\/a><\/p>\n

\u2014 Altcoin Sherpa (@AltcoinSherpa) February 6, 2022<\/a><\/p>\n<\/blockquote>\n

Meanwhile, Ethereum saw the $3,000 mark again after two weeks of trading under that level. The amount of unique Ethereum addresses transacting also touched a two-month high, said Santiment, a financial market data and content platform, on Twitter.<\/p>\n

\n

On a much more lively than usual Saturday, #Ethereum<\/a> #hodlers<\/a> were happy to see the #2 market cap asset regain the $3,000 threshold for the first time in over 2 weeks. The amount of unique $ETH<\/a> addresses transacting has hit a 2-month high as well.\u00a0 https:\/\/t.co\/c9I91wiDX7<\/a> pic.twitter.com\/T9RCuW2qfb<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) February 6, 2022<\/a><\/p>\n<\/blockquote>\n

Read Next: <\/em>EXCLUSIVE: Popular Contrarian Investor CryptoWhale On Why He Turned Bearish On Bitcoin, How Dogecoin Community Is ‘Fun,’ Rise Of Altcoins And 2022 Prediction<\/em><\/a><\/p>\n<\/p><\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other major coins traded higher Sunday evening as the global cryptocurrency market cap rose 1.6% to $2 trillion. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) 1.5% 11% $42,168.70 Ethereum (CRYPTO: ETH) 0.2% 16.3% $3,035.26 Dogecoin (CRYPTO: DOGE) 3.3% 9% $0.15 Top 24-Hour Gainers (Data via CoinGecko) Cryptocurrency 24-Hour […]<\/p>\n","protected":false},"author":1,"featured_media":7159,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[945,50,194,166,4738,62,85,579,158,664,219,1175,961,3093,578,577],"class_list":["post-7158","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-42k","tag-bitcoin","tag-btc","tag-coins","tag-crosses","tag-crypto","tag-dogecoin","tag-dollar","tag-ethereum","tag-level","tag-market","tag-meme","tag-pressure","tag-shine","tag-states","tag-united"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/02\/btc_pen.png","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7158","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7158"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7158\/revisions"}],"predecessor-version":[{"id":7160,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/7158\/revisions\/7160"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/7159"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7158"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}