Bitcoin experienced a fresh surge, crossing the $108,500 mark. The cryptocurrency is now trading above $108,500 and the 100 hourly Simple Moving Average. Furthermore, a key bearish trend line with resistance at $109,350 was broken on the hourly chart of the BTC/USD pair (data from Kraken).

Should Bitcoin maintain its position above the $108,350 zone, it could kickstart another increase. Post crossing the $107,500 resistance, Bitcoin breezed past several hurdles near $108,000, triggering a significant surge.

The bulls pushed Bitcoin into a positive zone above $108,500. The price gained momentum for a move above the 50% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. In addition, the key bearish trend line with resistance at $109,350 on the hourly chart of the BTC/USD pair was broken.

Immediate resistance on the upside is near the $109,750 level, close to the 76.4% Fib retracement level of the downward move from the $110,515 swing high to the $107,299 low. The first crucial resistance is near the $110,000 level. If Bitcoin manages to close above the $110,000 resistance, the price could surge further. Under such circumstances, the price might aim for the $112,000 resistance level. Any additional gains might drive the price towards the $113,200 level, with the ultimate target being $115,000.

If Bitcoin is unable to surpass the $110,000 resistance zone, it could trigger another decline. Immediate support is around the $108,800 level, with the first significant support near the $108,350 level. The next support is approximately the $107,250 zone. Any further losses could drive the price towards the $106,400 support in the near term, with the main support at $105,000.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $108,800, followed by $108,350.

Major Resistance Levels – $110,000 and $110,500.

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Bitcoin Makes A Comeback!

Bitcoin has had a tough year so far, with the cryptocurrency losing nearly half its value since hitting an all-time high in April. However, in recent days, Bitcoin has started to show signs of life, bouncing back over $30,000. This sudden move has caught the attention of investors who had all but given up on the digital currency.

There are several reasons why Bitcoin has been able to make a comeback. Firstly, the cryptocurrency has benefited from renewed interest from institutional investors who are looking for alternative assets to hedge against inflation. Secondly, the recent crackdown on Bitcoin mining in China has led to a significant drop in the mining difficulty, making it easier for miners to earn rewards.

Whatever the reason, Bitcoin’s latest rally has been welcomed by investors who were worried that the cryptocurrency was on its way to collapse. While there’s still a long way to go for Bitcoin to regain its all-time high, there’s renewed optimism in the market that the cryptocurrency may be able to make a comeback.

Banking Jitters Boost Bitcoin!

The recent concerns about the banking sector have been a significant driver of Bitcoin’s latest rally. With news that several global banks are facing money laundering charges, investors have been flocking to Bitcoin as a safer, more secure alternative.

Bitcoin’s decentralized nature is one of its key selling points, as it means that no single entity or government can control it. This makes it an attractive option for investors who are looking for an alternative to traditional banking systems, which are prone to corruption and fraud.

The fact that Bitcoin has been able to bounce back over $30,000 despite the negative news coming out of the banking sector is a testament to its resilience. As more investors start to realize the benefits of cryptocurrency, we could see Bitcoin continue to climb higher in the coming months.

Bitcoin’s latest rally has been a much-needed boost for the cryptocurrency market, which has been struggling for most of the year. The fact that Bitcoin has been able to bounce back over $30,000 is a testament to its strength and resilience. While there’s still a long way to go for Bitcoin to regain its all-time high, investors are once again optimistic about the cryptocurrency’s future. With renewed interest from institutional investors and concerns about the banking sector, we could see Bitcoin continue to climb higher in the coming months.

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Bets on interest rates drove a 0.32% increase in the value of the European single currency to $1.00295. This contributed to the continuation of the rebound that began the day before from levels that were near their lowest in almost 20 years.

“It’s because the ECB has been priced considerably more aggressively in the previous few sessions,” John Hardy, director of FX strategy at Saxo Bank, said. “Natural gas prices have gone down a little bit,” he said.

It is also obvious that there has been a small amount of interest around this parity level for the euro and the dollar.

The likelihood of a rise of 75 basis points has been increasing since ECB speakers at the Fed’s annual symposium in Jackson Hole provided support for the argument for a significant increase in rates.

Prices of Top Currencies

The German consumer price index data will assist in illustrating how swiftly the European Central Bank (ECB) will need to intervene to limit inflation when it is released later in the day. The preliminary findings indicated that consumer prices in Spain increased by 10.4% from the same time a year ago to August, which is a decrease from the 10.8% rise seen in the previous month.

Traders are also keeping a close watch on what various speakers from the European Central Bank will say later on Tuesday in public. Their statements have the potential to sway markets either toward or away from such a significant rise. They are also thinking about gas prices, which are now at a lower level than they have been in the past since storage facilities in European nations are starting to reach capacity.

The value of the dollar decreased in comparison to other major currencies. Its value decreased by 0.27 percent in comparison to the Japanese yen, while the value of the pound increased by 0.32 percent to $1.1743.

An increase of 0.5% may be noticed in the value of the Australian dollar.

The dollar index, which measures the value of one currency against six other currencies and ranks the euro as the most significant of these currencies, was sitting at 108.46. The previous night it had reached a high of 109.48, which was the highest it had been since September of 2002. However, it has fallen since then.

The dollar has benefited from the Federal Reserve’s aggressive strategy to increase interest rates, and the U.S. employment report that is scheduled to be released on Friday will be extensively examined for more information on the future of interest rates.

The price of Bitcoin was also gaining ground, which is consistent with the bullish sentiment that the market has towards risky assets. It was up from a six-week low of $19,526 reached over the weekend, trading at a price of $20,400 at one point.

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The price of Bitcoin is now consolidating close to level of USD 38,500 level. If bulls are active, so price can also take an upward trend of almost the level of USD 40,000.

In a similar way, many key altcoins are also attempting the key upside break. However, ETH can also accelerate high if there is movement above USD 2,800. The XRP may also struggle to clear resistance zone of USD 0.65. ADA has also spiked more than the resistance level of USD 1.10 prior to correcting the lower.

Price movement of Bitcoin and other Altcoins!

Subsequent to the move for more than USD 39,000, the price of bitcoin was corrected for some points. BTC has also declined the level of less than USD 38,500, however it is also stable for more than USD 38,000. When there is any kind of the fresh attempt for clearing USD 39,200, price may even simply accelerate to the higher level. The next key resistance is close to USD 40,000 level, and higher than the level may also see price which may increase to almost USD 41,200.

With the immediate support that is close to the level of USD 38,000. The next key support is close to USD 37,800, that is less than the price which could begin the move towards the USD 36,500.

Price of Ethereum is also struggling to attain the pace for above USD 2,800 level. When ETH successfully get settle for more than USD 2,800, there can definitely be higher gains. In such case, price might possibly rally or increase towards level of USD 3,000.

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MSTR also known as the MicroStrategy has been report as the impairment charge for non-cash digital asset of $146.6 million in 4th quarter. About $65.2 million in prior quarter, as per the latest and updated earnings statement.

It has been observe that impairment reflects decline in price of the bitcoin against the price where bitcoin attained. Under the rules of standard accounting, worth of the digital assets like the cryptocurrencies should also get record at cost and simply adjust when the value gets impair and it moves down. But with the rise in the price, this does not actually get reflected till the asset gets sold.

MicroStrategy and impact on Bitcoin

For the year 2021, MicroStrategy has posted the complete impairment losses for digital asset of $831 million that is against $71 million in the year 2020.

The bitcoins of company’s held for 124,391 at the of Dec 31, 2021. It also attained for $3.752 of the billion. Thereby reflecting the average cost for each bitcoin of almost $30,159, as reported by the company.

MicroStrategy has also reported that it bought almost 660 add-ons bitcoins for about $25 million which is between 30^th Dec 21 and 31^st Jan 22. It offers the company with the total of almost 125,051 bitcoins. These are also value at $4.8 billion on recent price of about $38,700.

The SEC has also objected accounting adjustment of to MicroStrategy for the bitcoin holdings. Also, company later has told commission. It will “revise the disclosures of the non-GAAP measures for the future filings. It is for simply removing adjustment for the impairment gains and losses on the sale related for bitcoin.

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