Bitcoin - Price Data Analysis

By Crypto4you23 | Cryptoanswers22 | 28 Oct 2022

What's happening?


The interest of institutional investors in bitcoin may be rising despite its consistently flat trading range.

According to the most recent statistics, asset managers were 80% long (expecting a rise) and 20% short last week, which is a slight improvement over the report from that week (expectation of a decline).

According to the most recent "Commitment of Traders" report, which uses data from last Tuesday (18), asset managers had an 84% long (betting up) and 16% short (betting on the decline).


What has happened in last week?


In the previous week, when asset managers were 80% long and 20% short.

Since September 6, when asset managers were 74% long on the cryptocurrency, this trend has been at a moderately high level.

The holdings of managers typically act as a barometer of market sentiment by revealing how they are allocating the substantial quantities of capital at their disposal.

The price of Bitcoin has not changed significantly for weeks before to Tuesday's increase in cryptocurrency prices.


What has changed?


Little has changed in bitcoin for weeks prior to Tuesday's spike in the price of cryptocurrencies.

Investor behavior, and market volatility have been influenced by worries about inflation and macroeconomic uncertainty.

The gross domestic product (GDP) report due out on Thursday will be the next item on the markets' radar to determine economic expansion and the expected consequences of the Federal Reserve's hawkish monetary policy.

The third quarter's economic growth is anticipated to have been 2.4%.

This number would indicate a moderate but still rising economy, this is too much bad for people because they want a faster rising economy.


What are the consequences?

That would imply that the U.S. central bank is controlling inflation without triggering a severe recession.

If US, and other countries are pegged in Gold, nothing of this thing will ever happening in the worldwide economy.

The correlation coefficient, which measures the strength of a relationship, has recently shrunk from -0.90 in September to -0.54 at the moment.

The correlation coefficient, which ranges from 1 to -1, calculates the link between two assets. In contrast to -1, which indicates the reverse, a reading of 1 denotes a direct relationship.

Although it's too soon to make a firm judgment, the DXY has fallen since September 27, while BTC has moved relatively little over that time.

If DXY and BTC start to trade in more inverse fashion, additional DXY drops might trigger a sharp rise in BTC.




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