China News Daily TheBitTimes.com

Bitcoin price is range-bound but several major altcoins such as XRP are showing signs of a potential breakdown. The United States' equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%. One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund applications. However, this has not dented the expectations of analysts. In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs. Daily cryptocurrency market performance. Source: Coin360 The short-term price action in Bitcoin remains in flu. But that has not deterred the long-term investors who have held onto their stockpile. Glassnode data shows t...

Bitcoin and select altcoins have rebounded sharply off their support levels, a possible sign that traders are buying the recent dip in the market. Bitcoin (BTC) is leading the cryptocurrency markets on the path to recovery. Although the United States Consumer Price Index (CPI) print for January was marginally higher than expectations, it did not dent the enthusiasm of bullish crypto trader. A positive response to seemingly negative data is a sign that the sentiment is bullish and traders are looking for buying opportunities. However, some analysts are cautious due to the strengthening of the U.S. dollar index (DXY). They believe that a sustained rally in the DXY could limit the upside in cryptocurrencies. Daily cryptocurrency market performance. Source: Coin360 Usually, long-term downtrends are followed by a base formation. During this phase, several analysts remain skeptical about a rally but the price action continues to surprise them. Although data is important, short-term traders ...