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BTC and ETH meet resistance as markets react to negative COVID-19 vaccine reports

2020.10.13 Adam James

Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The price of Bitcoin (BTC) is currently trading at 11,462.90 USDT on OKEx after pushing higher toward resistance yesterday and, subsequently, pulling back. The market-leading cryptocurrency is up 0.8% over the past 24 hours.

Likewise, the broader cryptocurrency market is predominantly flat, though some major altcoins have experienced decent gains. The price of Ether (ETH) is up 2.8%, while LINK and ADA are up 3.8% and 6.7%, respectively.

The total cryptocurrency market capitalization is currently sitting at $370,277,824,921 — a 1.2% increase from yesterday — according to data sourced from CoinGecko. BTC's dominance, meanwhile, has dropped 0.1%.

The cryptocurrency market is mostly green, with losses being relatively muted. Source: Coin360

The traditional markets, as predicted, had a strong Monday. Tech stocks pushed the Nasdaq and S&P 500 higher, putting them in positions to challenge their previous record highs. The Dow also had a strong start to the week.

However, mixed results among Asian stocks on Tuesday have coincided with United States futures losing their footing as Johnson & Johnson has reportedly paused its COVID-19 vaccine study after a participant inexplicably fell ill. 

This morning's slip in U.S. futures may help explain Bitcoin's 2.5% pullback from its peak 10 hours ago.

Top altcoin gainers and losers 

  • OM/USDT +35.21%
  • BNT/USDT +14.27%
  • EGT/USDT +14.12%
  • INX/USDT -10.81%
  • MXT/USDT -10.98%
  • FRONT/USDT -11.47%

MantraDAO (OM) is today's big winner after surging 35.21% alongside a partnership with Bondly that will see a 1,000,000 BOND airdrop for OM stakers on the Mantra DAO staking platform. BNT and Egretia (EGT) have also seen double-digit gains.

Insight Protocol (INX) and Frontier (FRONT) find themselves on the opposite side of the spectrum from yesterday after both lost more than 10%.

BTC technical analysis

The price of BTC has completed its breakout from last week's symmetrical triangle and managed to push up to just under the resistance level near $11,800. It is currently finding support on the ribbon of exponential moving averages on the two-hour timeframe.

Traders will likely be looking for some consolidation here before BTC either makes an attempt to rise above $12,000 or falls back down to its previous trading range. The bulls are certainly looking to put the major support level around $10,000 in the rearview mirror and, eventually, out of sight.

Bitcoin price chart - 10/13
OKEx's BTC/USDT 2h chart — 10/13. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) has outperformed that of BTC while almost perfectly pinging the major resistance level identified in our charts. Traders will be watching the exponential moving averages on the four-hour timeframe to act as support in an attempt for the leading altcoin to exit its trading range and turn its current resistance level into support.

Ethereum price chart - 10/13
OKEx's ETH/USDT 4h chart — 10/13. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

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