Bitcoin price news – live: Crypto set for ‘interesting week’ as major test approaches
Follow all the latest BTC developments, as well as updates from other leading cryptocurrencies, right here
Bitcoin remains stubbornly immobile at the start of the week, though some crypto analysts believe it is approaching a moment of reckoning.
The cryptocurrency shifted in price by less than 1 per cent over the weekend, remaining above the key $40,000 level but failing to see any significant momentum towards recovering the losses it suffered at the start of the year.
A long term trend will soon be tested, however, potentially determining the longer term trajectory of BTC and the broader crypto market.
Popular cryptocurrency analyst and commentator Will Clemente predicted it will be an “interesting week” for bitcoin, as a long term descending trend is tested by a short term ascending pattern.
The two converging trend lines, known as a symmetrical triangle, explains bitcoin’s recent sideways consolidation, but over the coming days we should see whether this key price support is able to overcome the resistance levels.
You can follow all the latest bitcoin developments, as well as news from other leading cryptocurrencies, right here.
Bitcoin, ethereum, and dogecoin prices drop
The prices of top cryptocurrencies including bitcoin, ethereum, solana and dogecoin have dropped by 1 to 4 per cent in the last 24 hours and the overall crypto market has also plunged in value over the last day.
Bitcoin price has dropped by over 1.5 per cent in the last day and is currently valued at about $42,000.
Meanwhile, cardano has surged by about 9 per cent and has grown in value by nearly 40 per cent in the last week.
Meme coins dogecoin and its spinoff currency shiba inu have plunged in value by over 2 per cent in the last 24 hours.
The overall crypto market is down by over 2 per cent in the last day and is valued at $2.02 trillion.
Bitcoin taking market share from gold
Bitcoin will take market share away from gold in 2022, according to Goldman Sachs analyst Zach Pandl, who predicts the cryptocurrency will become more universally adopted.
Bitcoin is often referred to as “digital gold” due to its inbuilt scarcity and utility as a store of value, with some believing it could challenge the precious metal’s historical dominance.
“Bitcoin may have applications beyond simply a ‘store of value’ - and digital asset markets are much bigger than bitcoin - but we think that comparing its market capitalisation to gold can help put parameters on plausible outcomes for Bitcoin returns,” Mr Pandl wrote in a research note.
How I see #Bitcoin impulses and corrections over the cycles' bull markets based on new address trends on-chain.At least one more upward impulse to come in my opinion before an impulsive downtrend (bear market) begins.
Rio de Janeiro embraces bitcoin
The mayor of Rio de Janeiro has announced plans to hold 1 per cent of the city’s treasury in cryptocurrency.
Eduardo Paes is the latest politician from Latin America to embrace cryptocurrency, offering citizens of Brazil’s second largest city various benefits if they use bitcoin.
“The city also intends to offer taxpayers discounts if they pay their tax bills in bitcoin,” Simon Peters, a crypto analyst at the online trading platform eToro, wrote in a note on Monday morning. “Paes intends to turn the city into a hub of crypto innovation, with other unannounced tax innovations to encourage the crypto sector still to come in the region.”
Bitcoin set for ‘interesting week'
The downward trend bitcoin has experienced since hitting an all-time high back in November is about to be tested by a short term positive price trend.
Crypto analyst Will Clemente says it “should be an interesting week”, as the converging symmetrical triangle pattern comes to its conclusion over the coming days.
Failing to maintain the support could see the long-term trend continue, however breaking above the resistance level could signal and end to the bear market and give momentum back to the bulls. Either way, we should finally see some movement after several days of stagnation.
Hello and welcome...
to The Independent’s live coverage of the crypto market. We’ll be bringing you all the latest news, analysis and expert price predictions for bitcoin and other leading cryptocurrencies.