More indecisiveness from the US financial sector is again driving buyers into the cryptocurrency market. Investors understand that cryptocurrencies are an off-grid exit from the conventional system. See what the Tradingview analysts see.
gourd
Bitcoin’s surge in 2023 has left exchange-traded fund (ETF) investors divided on the cryptocurrency’s next steps.
The $149 million ProShares Short Bitcoin Strategy (BITI) ETF, which tracks Bitcoin’s reverse performance — that is, it wins when the digital currency falls — has absorbed more than $118 million so far this year, despite a cumulative negative efficiency of 47%.
At the same time, the ETF ProShares Bitcoin Strategy (BITO), which is much larger, with a net worth of US$1 billion, and betting on the rise of the crypto asset, only attracted US$89 million in the period, even after BTC rose 70% in the year.
The dynamics of capital flow between the two ProShares products reflect fears surrounding the Bitcoin rally. Buoyed by optimism that the monetary tightening cycle in the United States is coming to an end, coupled with the recent turmoil in the global banking sector, Bitcoin outperformed all other asset classes by a wide margin in the first quarter.
But given the speculative nature of the digital asset and the lack of traditional fundamentals and valuation metrics, investors seem unsure about the path it will take. (See full review).
Alan Jones
The ETHUSD price on the H4 chart remains under pressure, with strong support in the 1700 region, which could be Eliott’s wave 4 bottom level, before a wave 5 rebound back to 2200.
A confirmation bottom at 1800 could happen if price manages to recover the 200-period moving average (salmon line) above 1890. (More ideas about Ethereum).
Radical Crypto
In the last two rounds of capital outflows, we have noticed that the value of KAS is lower than expected. We can clearly see this in the two highlighted boxes in the graph. However, we believe that KASPA can recover and even overcome these losses. Currently, the entry price is 0.027, with a potential return of 40% and a calculated risk of 13%. (See more ideas about cryptocurrencies).
disclaimer: The analyzes presented here are studies only. They are not investment, buy or sell recommendations, nor do they represent the views of the media tool in which they are published. These studies are aimed at people with knowledge and experience in the financial market.
Our authors: Danilo Fibo, Calebe, Allan Jhones and Radycal Crypto.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
