विदेशी मुद्रा विश्लेषण और समीक्षा: 08.02.2022

08.02.2022 04:51 PM

Bitcoin: Bearish market sentiment is declining

The main cryptocurrency technically confirmed the mirror resistance level of 45,744.38 on Tuesday. Despite the pullback, the Crypto Fear and Greed Index shows an improvement in risk appetite. Market sentiment has become less bearish after the recent price surge. Let's see if there is a chance for the main cryptocurrency to break higher.

Inflation and the Fed - a threat and a headwind to growth

Now the headwind for the demand for risky assets are fears about the possibility of a rapid tightening of the Fed's monetary policy. A strong inflation report to be released on Thursday may accelerate the rate hike.

Investors expect that in March the rate may be raised by 50 basis points at once. And stronger than forecast CPI data can increase the probability. This is the threat of a new fall in stock indices, and after them - bitcoin, whose correlation with stock markets is increasing.

Moods are improving, but so far only to the level of "neutral"

The near-term medium-term outlook for the main cryptocurrency is becoming less bearish given the recent price spike that started on Friday. According to the Crypto Fear & Greed Index, the "fear" is gradually fading away and market sentiment is becoming "neutral."

This index uses a set of factors to generate a nominal sentiment score from 0 to 100. On Tuesday it was at 48 points. By comparison, it spent most of January in "extreme fear" territory.

Canadian Firm KPMG Adds Cryptocurrency to Treasury

Positive news about bitcoin also began to arrive, which was also favorable for improving sentiment. KPMG Canada said Bitcoin and Ethereum will be added to its corporate treasury as a "first-of-its-kind investment."

Meanwhile, Tesla, in its annual report filed with the U.S. Securities and Exchange Commission (SEC), indicated that its bitcoin assets at the end of December were about $2 billion. The company views cryptocurrency as an investment and a liquid alternative to cash.

Roadmap: Two Technical Scenarios for Bitcoin

At the time of writing, BTCUSD has technically bounced down from the green dotted resistance at 45,744.38. The day is not over yet, which means that we will not rule out the possibility of returning to the green zone either.

So far, there are two scenarios for BTC. The first is a sideways decline between the support zone 40,878.71 - 41,959.23 and the current mirror resistance 45,744.38. And if it is implemented, it is possible that the movement will continue in this flat trend.

The second, optimistic, scenario is a breakout of the level 45,744.38 and a consolidation above it. Then the next growth target will be the range of $50,000-$52,000 per bitcoin.