Bitcoin (BTC) crossed $47,000 on January 3 when the first trading days on Wall Street in 2022 began modestly.
BTC/USD light chart hourly (bit tick). Source: TradingView
Ethereum attracts everyone’s attention
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD was trading in a tight range at the start of the week, with traders split over the short-term results.
The famous Galaxy Twitter account summed it up, “It’s only a matter of time before BTC erupts, and the longer it takes, the more it will pump.”
“Q1 is just open. I was the first to hear that.”
However, this optimism was far from universal. It’s time for Cointelegraph author Mikael van de Poppe to take a closer look at altcoins, not BTC.
“A good recovery from Ethereum I think has been made,” he said of the state of ETH/USD on Monday.
“It still needs further confirmation, but it shows more strength than Bitcoin at this point. Final confirmation over $4,100.”
ETH/USD is up more than 2% in the 24 hours at the time of writing, while BTC/USD has shown no inclination to deal even with daily rallies.
1 hour light chart of ETH/USD (bit sign). Source: TradingView
In the macro markets, the S&P 500 rose on Wall Street on expectations that the first half of the year will be another boon for all stocks thanks to the possibility of a rate hike.
Meanwhile, on January 3rd, the US dollar took a surprise rally, as the US Dollar Index (DXY) rose rapidly, destroying bitcoin as usual.
US Dollar Index (DXY) on the hourly chart. Source: TradingView
Don’t worry about bearish skew
Meanwhile, among bitcoin analysts, TechDev has led calls for bearish sentiment, arguing that on-chain indicators do not support the bearish thesis.
Related Topics: New Year, Same ‘Great Fear’ – 5 Things to See in Bitcoin This Week
He said over the weekend that concerns about the Relative Strength Index (RSI) and Moving Average Convergence/Difference (MACD) are easing compared to more fundamental indicators that are not yet bearish.
With persistent high convictions and low sales, TechDev found itself in good company.
“In case anyone has noticed, we’ve come a long way from highly experienced HODL retailers as buyers of last resort,” founder Alistair Milne added.
“We now have billionaires, multinational corporations, and countries waiting for a failed buyout. Anyone on the other side of the trade should check their head, IMO.”
Some believe that a new influx of corporate interests may begin this month.