Bitcoin, Ethereum, Dogecoin Bounce Higher Analyst Says Crypto ‘Party Can Start’ This Week

Bitcoin and Ethereum were buoyant on Sunday evening as the global cryptocurrency market cap rose 2.2% to $943.75 billion at 9 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC/USD 1.65% 1.8% $19,524.44 Ethereum ETH/USD 3.8% 4.6% $1,362.33 Dogecoin DOGE/USD 1.7% 3.4% $0.06 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour Change (+/-) Price Klaytn (KLAY) +24.8% $0.2 Aave (AAVE) +9% $89.4 Polygon (MATIC) +8.3% ??$0.90

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Why It Matters: The apex coinslipped below the 19,000 mark on Friday but regained the psychologically important mark later,the same day.

The two-largest coins by market capappeared more sure-footed going into the fresh trading week amid a surge in broader risk assets. U.S. stock futures were seen in the green at the time of writing with S&P 500 and Nasdaq futures up 0.5% and 0.75%, respectively.

OANDA Senior Market Analyst Edward Moya said that a massive bond market reversal prevented a massive wave of technical selling in Bitcoin on Friday.

Bitcoin was in trouble. If risk appetite can stay healthy, Bitcoin should continue to consolidate above the $19,000 level, said the analyst in a note, seen by Benzinga.

Going into the fresh trading week, Alternative.mes Crypto Fear & Greed Index registered a marginal improvement in sentiment at 22 compared to 20 last week. The index continues to signal Extreme Fear.

A value of 0 on the index denotes Extreme Fear while 100 represents Extreme Greed.

Michal van de Poppe said that Bitcoin is still stuck in a range and that the coming week given the events makes it inevitable that we'll break out of the range.

#Bitcoin still stuck in this range.

Coming week is a large one with all the events, which almost makes it inevitable that we'll break out of the range.

I'm watching this final resistance. It needs to break, and then, the party can start. pic.twitter.com/dsnyGFLdkt Michal van de Poppe (@CryptoMichNL) October 23, 2022

The cryptocurrency trader said hes watching the final resistance at $19,591.51. He said, It needs to break, and then, the party can start.

In the coming week, investors will look forward to the October manufacturing and services purchasing managers indexes. The coming week is also laced with quarterly earnings releases from big technology names.

Justin Bennett expects a partial reversal of Fridays move in the coming week. The trader tweeted, Seeing a lot of bullish rhetoric over Friday's move, yet markets didn't break or reclaim anything for the most part.

GM fam.

Seeing a lot of bullish rhetoric over Friday's move, yet markets didn't break or reclaim anything for the most part. Just look at the $DXY.

I'll wait for markets to decide. But I wouldn't be surprised to see at least a partial reversal of Friday's move this week. pic.twitter.com/5lSRAfCJaS Justin Bennett (@JustinBennettFX) October 22, 2022

Glassnode founders Jan & Yann said in a recent tweet that Bitcoin is sensitive to incoming data and the macro environment.

They said, Demand is low and there is no clear direction in the market. A big move is imminent.

#Bitcoin intraday volatility spiked but realized volatility is significantly low. #BTC is sensitive to incoming data and the macro environment.

Demand is low and there is no clear direction in the market. A big move is imminent
Full analysis https://t.co/1scIu9t35L pic.twitter.com/1MM3xBg5ys Negentropic (@Negentropic_) October 21, 2022

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