Meanwhile, the US markets have closed again. We look at the latest live Bitcoin price and the prices of the top 25 crypto for the weekend. Then we look at the correlation between BTC and other investments. Then we look at bullish indicators and finally we present the expectation for the Bitcoin price over the weekend.
We start of course with the live Bitcoin price and the prices of the top 25 crypto.
Live Bitcoin price and prices top 25 crypto coins continue to rise
At the time of writing, the live Bitcoin price is quoting EUR 34,701.40 ($39,440.06). This is 3.40% higher than when the US markets closed last night.
The prices of the top 25 crypto coins also continue to rise. We are currently seeing, with the exception of Tron (TRX) and Dai (DAI) which are down -1.45% and -0.05% respectively, only green numbers on the digital price boards. Today’s biggest gain, at +11.88%, is again for Terra (LUNA). On the website of Tradeincrypto.com you can analyze live crypto prices 24 hours a day and thus also throughout the weekend.
Surprises in correlation between Bitcoin and other investments
With the outbreak of war in Ukraine, it became an extraordinary trading week. Therefore, we look at the correlation between Bitcoin and other investments (gold, S&P 500, Nasdaq, oil and dollar) over the past 5 days. In a graph, this looks like the following:
The correlation between Bitcoin (blue), gold (yellow), S&P 500 (mint green), oil (black), Nasdaq (lilac) and dollar (purple). Tradingview.com
When we analyze the chart, the first thing we notice is that out of all 5 investments, Bitcoin recorded both the biggest price drop and the highest return in these five days.
In addition, we see that the correlation with tech stocks remains the strongest. Also notable is that gold, known as a more risk-averse investment, is now actually falling. Finally, it is notable that the rising oil price has mainly been speculation on trade sanctions that put pressure on oil supplies. Now that these have (as yet) failed to materialize, we are seeing the price fall. In this context, the OPEC meeting scheduled for next week is very interesting.
Of course, the question remains whether the market will remain bullish over the weekend.
Bull signals for BTC
Looking at the on-chain metrics we see that the on-chain volume has increased from 13.73 billion to 46.38 billion in the past week. This keeps the volume above the moving average (of volume) over the past 200 days. This indicates that investors with long-term investment horizons are buying in from panicked investors with short-term investment horizons in order to take advantage of expected price increases.
This idea is confirmed by the Market Value to Realized Value (MVRV) indicator. The funding rate, which dipped to -0.000071% during the crash, is also bullish again at 0.001%. This analysis with accompanying charts seems to offer prospects for a bullish weekend.
Bitcoin weekend outlook
Looking at the weekend forecast for Bitcoin, this outlook becomes clearer. For example, Bitcoin appears to be attacking resistance at $39,481, after which the next target is the 50-day simple moving average (at $40,417). If Bitcoin follows this pattern, the Momentum Reversal Indicator (MRI) will also turn green and become bullish, allowing for a further push towards $42,748. So there, given the current BTC price, a good profit is in the offing. You can view the entire analysis below.
Thereby, as you also saw in the video, 2 major caveats apply. First of all the daily candlestick chart has to stay above $ 36,498. If this fails, a decline towards $ 34,752 and then even $ 29,100 lies ahead, although this scenario seems to be less actual at the moment.
The second major caveat, of course, concerns developments in and around Ukraine. We saw earlier this week how impulsively the crypto market can react to this. On top of that, institutional investors tend to invest less impulsively than individuals, but over the weekend it is precisely those impulsive individuals who prevail in trading.
So we already know that we will have plenty to share again during Monday’s crypto lunch. Have a great weekend!
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”