The major cryptocurrency is losing again through declines in U.S. indices and the return of risk aversion caused by hawkish comments from Fed members, who signaled their readiness for an extended monetary tightening cycle. In addition to Bitcoin, smaller cryptocurrencies including Sandbox, Filecoin and Curvedao are also losing ground. Bitcoin is once again trying to rebound from the $22,600 level:
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Open real account TRY DEMO Download mobile app Download mobile appBitcoin, H1 interval. Supply once again dominates and pushes BTC towards $22,600, however, the bulls have managed to defend this level for the eighth time since the second half of January, thus the upward momentum remains in place with a possible upward movement. Looking at the moving averages, however, we see that the cryptocurrency has slipped below the SMA100 and SMA200 again, and has already failed to stay above $24,000 three times, which can be read as an exhaustion of buyers' strength. The RSI indicator fell below the neutral 50 points. A potential bullish signal would be an entry above $23,500, a bearish one would be a test of $22,000. Source: xStation5
Looking at Bitcoin's 'halving' cyclicality, the dates of entry into a downtrend (orange) and signals of an accumulation phase after which Bitcoin has never before retreated below a cycle low (green) proved particularly apt - such a signal was confirmed after the capitulation of FTX in November. Source: CryptoCon
The declines are being resisted by Chainlink, which together with BDG Labs, a Web3 company, announced the integration with the Aave protocol (Avalanche crypto). The integration with Chainlink through the so-called Proof of Reserve will help confirm the security of Avalanche network tokens, potentially strengthening the credibility and security of the network.ย Chainlinkย 'smart contract' services help build blockchain infrastructure nadย has helped monitor the network and enabled the flow of more than $2 billion in transactions on Aave in 2022.ย
Chainlink, H4 interval. The cryptocurrency maintains an upward trendline and reacted euphorically to the news of integration in Aave, contributing to a rise to price levels not seen since early December when it peaked near $7.7 just before the dynamic sell-off. Source: xStation5
