{"id":1969,"date":"2022-03-02T06:55:20","date_gmt":"2022-03-02T06:55:20","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1969"},"modified":"2022-03-02T06:55:21","modified_gmt":"2022-03-02T06:55:21","slug":"did-bitcoin-btc-reverse-the-trend","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/did-bitcoin-btc-reverse-the-trend\/","title":{"rendered":"Did Bitcoin (BTC) Reverse the Trend"},"content":{"rendered":"\n<p><a href=\"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-breaks-out-after-weeks-of-weakness\/\">Bitcoin (BTC) moved above $44,000<\/a> in an extended mid-week rally, while showing signs of accumulation. However, there is no clear answer whether the latest price action has reversed the downward trend of the past few months.\u00a0<\/p>\n\n\n\n<p>Glassnode data show the latest dip led to buying, with a lot of new investments in the money.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Over 10% of the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> supply has returned to profit today.<br><br>This gives an indication of the volume of <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> that was accumulated during the recent consolidation range.<br><br>Live Chart: <a href=\"https:\/\/t.co\/jqn5OVvYUX\">https:\/\/t.co\/jqn5OVvYUX<\/a> <a href=\"https:\/\/t.co\/4oZWuBgRIV\">pic.twitter.com\/4oZWuBgRIV<\/a><\/p>&mdash; glassnode (@glassnode) <a href=\"https:\/\/twitter.com\/glassnode\/status\/1498490126636355590?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Despite this, BTC sentiment is still neutral at best, with the potential to quickly switch directions. BTC has proven to resist a deeper price drop, so far coinciding with buying readiness. The leading coin is still below its recet stability level around $46,000, but has shown that turbulent news often translates to price growth.<\/p>\n\n\n\n<p>With the latest rapid daily appreciation, BTC has already completed two cycles of bouncing from lows, while never dipping to the predicted lows of $29,000. This time, it is still possible to have another downward leg, but with the potential for reversal. BTC is still not completely confident of reversing the downward trend, at least based on short-term signs.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Bullish on High Time Frame. Hidden Bullish Divergence. I will not see what is happening in LTF. Because 30-32K is still possible at a Three Tap. If it comes again, it will be Last Deep. <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/t.co\/uO3K07Ll8G\">pic.twitter.com\/uO3K07Ll8G<\/a><\/p>&mdash; Trader_J (@Trader_Jibon) <a href=\"https:\/\/twitter.com\/Trader_Jibon\/status\/1498577414217093121?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>During the latest rally, BTC managed to get ahead of the growth of both stock markets and gold. Even with more conservative leverage, BTC is getting buying support and accumulation. Based on the Rainbow chart, BTC is nowhere near bubble territory, though not a clear indicator to buy.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Is BTC Returning to Volatility<\/strong><\/h3>\n\n\n\n<p>For BTC, price moves like the last day are not that unusual. Volatility has returned proportional to the new higher prices, and the latest rapid appreciation is not unique.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Stop letting emotions control you on <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> like yesterday&#39;s daily candle. <br><br>I mapped out 10%+ moves on <a href=\"https:\/\/twitter.com\/search?q=%24btc&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$btc<\/a> the last 6 months. This is nothing exciting or new. Just another day in the life of crypto. <a href=\"https:\/\/t.co\/5eeOUITZEQ\">pic.twitter.com\/5eeOUITZEQ<\/a><\/p>&mdash; The Wolf of #Bitcoin (@ExcelTrading1) <a href=\"https:\/\/twitter.com\/ExcelTrading1\/status\/1498699295893168135?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>BTC may once again follow the logic of attacking leveraged positions, with longs getting vulnerable with the recent price exuberance.&nbsp;<\/p>\n\n\n\n<p>BTC has returned some of its volumes, to above $36B in the past 24 hours, up from recent lows of around $16B on weekends. BTC this time is also the bigger mover, rising to a dominance of 43.1%. For now, Ethereum (ETH) is lagging with prices just under $3,000.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Only Top Altcoins React to Growth<\/strong><\/h3>\n\n\n\n<p>Small-scale altcoins are hardly making moves during the past BTC rally. Some assets remain relatively stagnant, while others stage a fast recovery. The upward trek of LUNA, SOL and AVAX continued, with all assets looking ready to get closer to $100 or move to three-digit prices.&nbsp;<\/p>\n\n\n\n<p>At the same time, older booming assets like XRP or Cardano (ADA) remain little changed. XRP moved up to $0.78, while ADA hovered at $0.96. Most altcoins limited their daily gains between 5 and 10%.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>NEAR Protocol Breaks Out<\/strong><\/h3>\n\n\n\n<p>Near Protocol was the one outlier to break out with more than 24% in daily gains. NEAR stood at $11.49, a significant move for the past week, though still not above the monthly high.&nbsp;<\/p>\n\n\n\n<p>Near Protocol carries <a href=\"https:\/\/tradersofcrypto.com\/news\/why-terra-luna-recovers-first-after-dips\/\">Terra USD (UST)<\/a> and thus holds significant value. The protocol is also used to take out loans against BTC, a form of selling option without incurring a taxable event.\u00a0<\/p>\n\n\n\n<p>Near Protocol still reports only about $148M in total value locked, with more than 69% of the value held in Ref Finance. NEAR joined a list of outlier coins having short-term pumps.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">MEGA Thread on <a href=\"https:\/\/twitter.com\/search?q=%24NEAR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$NEAR<\/a> Protocol next.<br><br>Be ready <a href=\"https:\/\/twitter.com\/hashtag\/NEAR?src=hash&amp;ref_src=twsrc%5Etfw\">#NEAR<\/a> community. <a href=\"https:\/\/t.co\/59YKFSztPN\">pic.twitter.com\/59YKFSztPN<\/a><\/p>&mdash; Crypto FI (@Crypto8Fi) <a href=\"https:\/\/twitter.com\/Crypto8Fi\/status\/1498694977957863434?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The DeFi hub also recently started launching NFT collections, adding to demand for alternative blockchains.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Binance, Kraken Warn Against Banning Accounts<\/strong><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/tradersofcrypto.com\/exchanges\/binance\/\">Binance Internatio<\/a>nal exchange and <a href=\"https:\/\/tradersofcrypto.com\/exchanges\/kraken\/\">Kraken<\/a> have stated they will not limit any accounts based on pressure from the Ukraine-Russia conflict. In the past, Binance has closed its services for mainland China traders, but only after a local law was passed to ban cryptocurrency trading.\u00a0<\/p>\n\n\n\n<p>Currently, there have been no official calls to exchanges to limit, track or delete accounts. Binance International remains available for deposits and withdrawals in crypto assets, though with some potential limitations when it comes to banking transfers.&nbsp;<\/p>\n\n\n\n<p>Overall, no attempts to censor the usage of BTC have succeeded, though blockchain tracking continues to get more detailed. BTC and crypto assets remain a tool for censorship-free transfer of value even in cases of banking limitations.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What is the Next Step for BTC<\/strong><\/h3>\n\n\n\n<p>One of the intermediate steps for a renewed bull market is for BTC to recover above $46,000. At the current level, BTC is consolidating, but with not enough drive to regain a higher range.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> update<br><br>A break above $46k is reset in a new bull market UP&#8230; <a href=\"https:\/\/t.co\/pR8VVCZ5Ii\">pic.twitter.com\/pR8VVCZ5Ii<\/a><\/p>&mdash; 8,731-541\ud83c\udfaf (94.1%) \/ #1 CRYPTO SIGNALS\ud83c\udf0e\/ DM OPEN (@BinanceKiller) <a href=\"https:\/\/twitter.com\/BinanceKiller\/status\/1498737806344130562?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Signals can be highly misleading for BTC and unexpected events are not out of the question. Despite this, BTC can also gain momentum fast.&nbsp;<\/p>\n\n\n\n<p>Despite the trend to hold onto coins, it is still possible for whale transactions to appear suddenly on exchanges. Selling at the top is not ruled out completely, despite a growth of small-scale retail wallets holding more than 1 BTC as an investment.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8 \ud83d\udea8  12,500 <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> (542,493,347 USD) transferred from unknown wallet to unknown wallet<a href=\"https:\/\/t.co\/cBG2Io6qBx\">https:\/\/t.co\/cBG2Io6qBx<\/a><\/p>&mdash; Whale Alert (@whale_alert) <a href=\"https:\/\/twitter.com\/whale_alert\/status\/1498687537694576645?ref_src=twsrc%5Etfw\">March 1, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Large transactions are still happening, and BTC remains capable of moving significant value, after recently carrying more than $9B in settled value in a single block.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) continued to rally in the new week, rising above $44,000 with an expectation of a renewed bull market.<\/p>\n","protected":false},"author":3,"featured_media":1970,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[12,6,157],"class_list":["post-1969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-btc","tag-eth","tag-luna","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=1969"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/1970"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=1969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=1969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=1969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}