Bitcoin (BTC) crisscrossed $ 47,000 on January 3 when the first Wall Street trading days of 2022 got off to a modest start.
Ethereum steals the spotlight
Data of Cointelegraph Markets Pro Y TradingView showed that BTC / USD was trading in a tight range when the week started, with traders split on short-term results.
"It is only a matter of time before BTC explodes, and the later, the stronger it will pump," says the popular Galaxy Twitter account. summarized.
"Q1 is just up. You heard it here first."
However, that optimism is far from universal. For Cointelegraph contributor Michaรซl van de Poppe, the time had come to take a closer look at altcoins than BTC.
"Good bounce for Ethereum and I think it has bottomed out", saying on the status of ETH / USD on Monday.
"Additional confirmation is still needed, but it shows more strength than Bitcoin at this point. Final confirmation above $ 4,100."
ETH / USD is up more than 2% in 24 hours at the time of writing, and BTC / USD, by contrast, showed no inclination to tackle even daily highs.
In macro markets, the S&P 500 rose slightly at the Wall Street open, amid predictions that the first half of the year would be a further boon for stocks overall thanks to the prospect of key interest rate hikes. .
Meanwhile, the US dollar experienced a sudden boost on Monday, with the US Dollar Currency Index (DXY) rapidly gaining, as usual, to the detriment of Bitcoin.
Never mind the bearish divergence
Among Bitcoin-focused analysts, meanwhile, TechDev led calls to quash the downtrend, arguing that on-chain indicators do not support a bearish thesis.
Related: New Years, Same 'Extreme Fear': 5 Things To Watch Out For In Bitcoin This Week
Concerns about the Relative Strength Index (RSI) and Moving Average Convergence / Divergence (MACD) pale in comparison to more fundamental indicators that have yet to show a bearish outlook, he said at the weekend.
4 /
The 2 points are valid for pointing, but I am not concentrating on them as they have not been historically accurate in identifying macrocycle trend reversals.
2 what do they have? Macro ground breaks LLs and 2W RSI. Neither of which has happened.
If they do, my macroeconomic outlook will change. pic.twitter.com/qUedP5juZ8
- TechDev (@ TechDev_52) January 3, 2022
With conviction remaining high and selling declining, TechDev was in good company.
"In case no one knew, we've come a long way from nerdy retail HODL'ers being buyers of last resort," said businessman Alistair Milne. additional.
"Now we have billionaires, multinationals and countries waiting to buy the dips. Whoever is taking the other side of the trade needs to have their head examined in my opinion."
TO new influx Some consider that the project of institutional interest is ready to begin this month.
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