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May 23, 2022

Profit from Bitcoin up-and-down on Binance's all-in-one platform

Bitcoin bounces back to $41K. Take advantage of it with Binance.

Binance's-Learn-and-Earn-Program-is-back-online! Binance's-Learn-and-Earn-Program-is-back-online!

Bitcoin (BTC) price jumped up, then executed a swift reversal this week as the first cryptocurrency broke $42K

Bitcoin back to $41,000

Bitcoin (BTC) prices surged once this week before a quick reversal: the price topped $42,000 for two days in a row, before falling back to $41,000, shedding its recent post-Easter gains. Analysts compared bitcoin’s performance on Wall Street with gold and the US dollar, advising the market to remain cautious on the cryptocurrency “big brother” as its long-term dynamics remain unclear.

Jason Deane, a bitcoin market analyst at Quantum Economics, said: “I don’t think there are any significant catalysts driving bitcoin price volatility right now. The mid- to long-term outlook remains very positive, But near-term and near-term developments are uncertain and likely to remain range-bound for some time.”

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What does the stock market show?

While Bitcoin may have been created to forge its path to independence from the mainstream financial system, it has historically moved alongside gold (often compared to it) and the U.S. dollar (currently the “king of fiat currencies”).

Bitcoin is generally seen as a hedge against dollar inflation, but recent price action suggests that the three seem to have something in common.

Some market experts have pointed out that Bitcoin appears to be following the same trajectory as gold: Gold prices rose as high as $1,998 an ounce, but have since fallen back to $1,955 an ounce at the time of writing.

The dollar fell after a few days of high consolidation. On Wednesday, the dollar rallied before experts deemed it overbought, before a correction followed.

So far, the three trading instruments have shown similar dynamics. Which tool will break this pattern? Another important indicator, the S&P 500 index, showed a “bottom signal” on April 19, which, based on past historical information, will appear before Bitcoin’s price rises.

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On-chain data shows positive sentiment among Bitcoin holders

Bitcoin’s hodler is still very bullish on Bitcoin, and it’s not just “whale investors” who think so. According to IntoTheBlock Insights’ Telegram message, blockchain data shows that “addresses holding less than 10 bitcoins have significantly increased their holdings in 2022.”

This suggests that more “small” bitcoin holders are continuing to accumulate, moving bitcoin out of circulation, depleting the exchange’s supply of bitcoin, and increasing its scarcity and theoretical value.

Meanwhile, the second-largest cryptocurrency by market cap, ether (ETH), appears to be following the general market trend of bitcoin and gold, hitting a one-week high shortly before the reversal and is now trading just above $3,000.

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Choose Binance, trade bitcoin smartly, and meet more possibilities

As you prepare for your next trade, keep in mind that bear markets are just as profitable as bull markets, and different moves just require different trading strategies. Binance gives you everything you need for uptrends and downtrends, thanks to advanced analysis tools and easy-to-use platform features. Don’t forget that Binance’s “Mining” tool will continue to reward active users with bitcoin regardless of market conditions!

It only takes a few seconds to register a Binance account and use this trading opportunity to trade more than 50 other digital assets such as Bitcoin and Ethereum in the best market conditions.

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