Bitcoin, Ethereum, Dogecoin Expected To Remain Muted With Lunar New Year — Is It Time To Buy When 'Bulls Become Bears?'

Major coins Bitcoin BTC/USD and Ethereum ETH/USD traded largely flat Sunday evening among thinner volumes, as the global cryptocurrency market cap fell 1.5% to $1.8 trillion.

What Happened: The apex coin dropped 0.5% over 24 hours at $37,665.36. BTC has risen 4% over a seven-day trailing period.

ETH traded unchanged at $2,584.74 over 24 hours 2,584.74. For the week, it has gained 2%.

DOGE was down 1.7% over 24 hours at $0.14. Over a seven-day period, it has lost 1.7% of its value.

DOGE-rival Shiba Inu (SHIB) fell 2.5% over 24 hours to $0.000021. For the week, it has declined 6.3%.

Axie Infinity (AXS), Helium (HNT), and Chainlink (LINK) were the top 24 hour gainers, according to CoinGecko data.

AXS spiked 9.2% to $54.11, HNT rose 7.4% to $28.58, and LINK was up 6.6% at $17.21 in the period.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Trading volumes were subdued over the weekend and are likely to remain so — going into Asian trading hours during the coming week on account of the Spring Festival or Lunar New Year.

Cryptocurrency trader Justin Bennett said over the weekend that BTC could break above $40,000 before January comes to an end. He said should resistance be overcome at $42,000, the apex coin could push as high as $50,000.

Edward Moya, a senior market analyst with OANDA, said that Bitcoin is “embracing Wall Street's risk-on mood as it continues to form a base.”

“The all-clear signal has not been given, but crypto traders are embracing the relative calm that is being seen with the top cryptos.  Bitcoin may form a broadening formation between $34,000 and $40,000 next week,” Moya wrote, in an emailed note.

Cryptocurrency analyst who goes by “Altcoin Sherpa” on Twitter said they were eyeing around the $28,000 level for Bitcoin and lamented having to rely on “macro conditions.”

Veteran trader Peter Brandt said Sunday that he found it fascinating that many on social media wore laser eyes in March and April and predicted a rocket shot for Bitcoin. He questioned whether it was time to sell when bulls wear laser eyes and when the same crowd became bears, whether it was time to buy.

Pseudonymous cryptocurrency analyst "Kaleo" tweeted that $100,000 BTC candles will be seen in the next decade, and “it won’t even be a record % move on the daily.”

Meanwhile, the number of ETH addresses holding more than 0.1 coins has touched an all-time high of 6,823,620 on Sunday. 

Number Of ETH Addresses With Balance ≥ 0.1 Coins — Courtesy Glassnode

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