BTC futures data show retail investors are betting on price recovery
BTC cools as DeFi holds steady and ETH looks to start outperforming
Though the price of BTC and various altcoins are cooling off, DeFi TVLs are holding steady.
The cryptocurrency market has cooled off this morning following a 2.0% decline in the valuation of its leader, BTC. The total cryptocurrency market capitalization currently stands at $1.57 trillion.
Despite the general pullback in the cryptocurrency market, traders and market participants are even more greedy today than they were yesterday, according to multifactorial crypto market sentiment analysis from alternative.me.
Generally speaking, many would consider this to be a bearish recipe.
DeFi holds $40 billion as Uniswap underperforms among DEXs
The decentralized finance market is currently holding strong, despite a wider cryptocurrency market pullback. The total value locked in DeFi remains above $40 billion, thanks to modest performances from Curve Finance, SushiSwap and Balancer. At the same time, Bancor has added more than 11% to its TVL.
Uniswap is underperforming among major decentralized exchanges. The second-ranked DEX now sits only $0.4 billion above third-ranked SushiSwap.
Top altcoin gainers and losers: FLOW explores price discovery
- AERGO/USDT +37.91%
- MXT/USDT +19.95%
- HBAR/USDT +16.15%
- MOF/USDT -8.12%
- TAI/USDT -9.79%
- EM/USDT -18.35%
Though not among the three best performers on OKEx, FLOW may be the most notable gainer on the exchange. The blockchain powering NBA Top Shot's native asset is up 13.79% as it continues to create new all-time highs.
BTC technical analysis: BTCUSDT at week's crucial price level
The price of BTC is currently testing a key area of support in its bid to push back toward its previous all-time high of roughly 58,000 USDT. The area of support comes in the form of the tightening ribbon of exponential moving averages on the four-hour time frame.
Failure to find support at the four-hour EMA ribbon could see a test of 46,000 USDT. Finding support here, however, could inject confidence into the pulls and solidify a push to reclaim 50,000 USDT with conviction.
ETH technical analysis: ETHBTC trying to put in a bottom
ETH is desperately trying to put in a bottoming pattern of sorts against BTC.
The foremost altcoin is putting pressure on the bearish four-hour EMA ribbon. Breaking through could inject some bullish life into ETH and provoke buyers into pushing the price toward 0.038 BTC.
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