Bitcoin, Ethereum, Dogecoin Rise Amid Risk Rally: Analyst Says Apex Crypto 'Seems Stuck In A Seesaw' Around $17K

Zinger Key Points
  • Investors await inflation data, cryptocurrencies follow stocks higher.
  • Trader expects 'continuation for Bitcoin and for Ethereum to test $1,450 levels.
  • Bitcoin whales redistribute nearly $334 million worth of BTC as they exit network, notes chartist.

Major coins were in the green on Thursday evening as the global cryptocurrency market cap rose 2.2% to $859.6 billion at 7:14 p.m. EST.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 2.3% 1.5% $17,233.61
Ethereum ETH/USD 4% 0.4% $1,281.08
Dogecoin DOGE/USD 2.9% -3% $0.10
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Trust Wallet Token (TWT) +6.75% $2.62
Bitcoin SV (BSV) +5.4% $43.06
Kava (KAVA) +4.6% ​​$0.87

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Why It Matters: Bitcoin and Ethereum followed stocks higher on Thursday. The S&P 500 and Nasdaq closed 0.75% and 1.1% higher respectively. At the time of writing, U.S. stock futures were seen flat.

Investors will be on the lookout for the Producer Price Index (PPI), which is due Friday, and Consumer Price Index (CPI) data due Tuesday. While PPI measures wholesale inflation, CPI is a metric of price movement in goods and services purchased by households.

“Until we get beyond some key pricing data and the FOMC decision, bitcoin seems stuck in a seesaw around the [$17,000] level. ​ Cryptos haven’t had any fresh developments stemming from the FTX collapse and that has provided a quiet period,” said Edward Moya, a senior market analyst with OANDA.

Michaël van de Poppe said that he expects “continuation for [Bitcoin] as long as we stay above” the $17,000 mark

On Ethereum, the cryptocurrency trader said that there has been a “good response.” Van De Poppe said on Twitter, “Have been waiting on this area to give some relief, we've got it and facing resistance. If we sustain and keep on making [higher lows], I think we'll test areas around $1,450.”

On-chain analysis firm Glassnode noted that over the last year, a total of $213 billion realized loss as been locked in by Bitcoin investors.

“This compares to yearly profits of $455 billion realized in the 2020-21 bull. This reflects a relative capital loss of ~47% of the bull market gains, similar in scale to the 2018 cycle.”

Chartist Ali Martinez noted that 33 whales holding between 1,000 to 100,000 BTC have left the network and redistributed 20,000 BTC ($344.34 million) in the last 96 hours. 

Read Next: Crypto Analyst Who Correctly Predicted 2018 Bitcoin Bottom Sees One More Low Before '6 Months Of Accumulation'

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