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The Bullish Pattern in Bitcoin

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  • BTCUSD is trading above the 50-day moving average with a price of $45K on Tuesday morning. 
  • Bitcoin climbed 5.5 percent on Monday, finishing the day around $44,100. Ethereum increased by 5%, while other top 10 altcoins also increased in value: from 4% (Solana) to 18.5 percent (Ethereum) (XRP). 
  • The crypto market’s overall capitalisation grew by 5.5 percent to $2.10 trillion during the day. The dominance index for Bitcoin has remained unchanged at 39.2 percent. The Bitcoin chart is still showing a positive trend.
  • BTCUSD is trading above the 50-day moving average, barely above the mid-January pivot position, and above the down channel resistance level on Tuesday morning, at a price of $45K.
  • At the same time, the RSI on the daily charts has not yet crossed into the overbought zone, indicating that there is still space for more increase. The same can be said for the overall cryptocurrency market, where the fear and greed index has stabilised around 48 and is still far from the greed zone. 
  • The bulls’ next goal appears to be $48K, which is the December support area. The 200-day moving average and important round level are also goals in the $49-50K range. The XRP coin jumped on news of a major breakthrough in Ripple’s legal battle with the US Securities and Exchange Commission (SEC).
  •  Cryptocurrencies temporarily ceased reacting to declines in US stock indexes, which began the week on a negative note. 
  • Retail investors are likely to have made the purchases because they didn’t want to miss the start of the market’s expansion (FOMO). However, if stock indices continue to fall and huge institutional investors enter the market, looking to begin profit-taking, their buying power will be limited. 
  • KPMG, one of the world’s top auditing firms, has added Bitcoin and Ethereum to its corporate reserves in Canada. This is the firm’s first straight cryptocurrency investment. 
  • Meanwhile, a decline in the pricing of previously purchased bitcoins, which Tesla spent $ 1.5 billion on, resulted in a loss of $ 101 million for Tesla by the end of 2021.
  •  Elon Musk has described the plan to acquire BTC as a reserve asset as “very dangerous.”

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