Bitcoin (BTC) hovered between $20,200 and $20,300 yesterday, outside of a dip to $20,090. Until early this morning then. The price just suddenly made a big jump and briefly touched $20,650. Bitcoin is currently trying to hold on to $20,600 and currently stands at $20,595 on Binance and $21,060 on Bitvavo.
This means that the bitcoin price is up 1.6% today. Trading volume fell 17% in the past 24 hours. Total market capitalization is $395 billion and dominance at 38.5%. The Fear & Greed Index comes in at 30 (Fear).
Bitcoin Fear and Greed Index is 30. Fear
Current price: $20,249 pic.twitter.com/9C6P9GB20C— Bitcoin Fear and Greed Index (@BitcoinFear) Nov 3, 2022
Bitcoin is holding up better than stocks again
Bitcoin once again holds up remarkably stronger than (tech) stocks. Markets like Nasdaq and S&P 500, with which bitcoin had a very high correlation this year, closed in the red again yesterday. The correlation between bitcoin and these markets has been decreasing in recent weeks, although it may be too early to speak of a real decoupling.
*S&P 500 Final Thursday Heat Map: pic.twitter.com/cKbbKby2e3
— Jesse Cohen (@JesseCohenInv) Nov 3, 2022
These markets may have been hoping for a reversal in Federal Reserve monetary policy a little too early, but Fed Chair Jerome Powell was still clear hawkish in his speech after FOMC. Still, the market expects the Fed’s next rate hike to be less drastic.
Right now, after the 75bps hike yesterday, futures markets are pricing in a 50bps hike with a probability of 56% at the next FOMC meeting in December.
So we might be behind the very big hikes. But it is less clear-cut than previously. A lot can happen until then. pic.twitter.com/DazYo8FENv
— Jan Wustenfeld (@JanWues) Nov 3, 2022
The US jobs report may give us more insight into the state of the US economy and what the Fed is up to later today. Meanwhile, the US dollar index (DXY) is running into resistance. Breaking down DXY may give the maks some space, but vice versa is also possible.
The US Dollar Index $DXY is breaking out of the wedge. pic.twitter.com/uWjbhxNkCN
— Caleb Franzen (@CalebFranzen) Nov 3, 2022
Number of new BTC addresses is increasing
Analyst Ali Martinez reports that the Bitcoin network is growing again because the number of new addresses is in an upward trend. That could be a sign of accumulation, according to the analyst, and that could be good for the price.
#Bitcoin network is growing as the number of new #BTC addresses are trending upwards. This can be considered a sign of accumulation, which could soon be reflected in the price of $BTC. pic.twitter.com/rEDehSfour
— Ali (@ali_charts) Nov 3, 2022
Short-term BTC holders may suffer more
However, analyst CoinLupin thinks the bear market has not bottomed yet. According to the analyst, short-term holders, investors who have had their BTC for less than 6 months, have not suffered as much pain as in the past. The analyst therefore expects more pain for these investors to follow first.
Unfortunately, the market is not painful enough.
“… the real bottom comes after tormenting even short-term holders.”
by @bitcoin_lupinLink?https://t.co/OtgE5WCTjf
— CryptoQuant.com (@cryptoquant_com) Nov 4, 2022
Fidelity opens doors to private investors
Finally, huge asset manager Fidelity Investments announces that it plans to offer its bitcoin and ethereum services to retail clients as well. That is very possible bullish are for the long term.
Get on the early-access list to trade bitcoin and ethereum and discover educational resources that make crypto a lot less cryptic. https://t.co/n1akhp2gBg pic.twitter.com/sZjQo7qVNg
— Fidelity Investments (@Fidelity) Nov 3, 2022
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