Bullish pattern still in play for BTC heading into the weekend
BTC correction reins in crypto market cap amid increased COVID-19 fears
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) has dropped 2.7% over the past 24 hours and is now trading around 13,175 USDT on OKEx. The pullback has also dragged the total cryptocurrency market capitalization down 2.8% to $400,445,407,544, as per data from CoinGecko. BTC dominance has also dropped slightly and now stands at 61.3%, down from yesterday's 61.7%.
The altcoin market has also bled alongside BTC's decline, but losses haven't been terribly dramatic. Crypto.com Coin (CRO) is the most noteworthy loser among major altcoins after dropping 7.3%,
The rising number of COVID-19 cases in the United States and Europe continues to rattle the traditional markets, with the Dow Jones Industrial Average dropping 943 points, or 3.4%, on Wednesday. At the same time, the S&P 500 lost 3.5%, and the Nasdaq 100 lost 3.7%. European markets saw similar declines, as well.
Top altcoin gainers and losers
- PST/USDT +24.81%
- KCASH/USDT +24.31%
- UBTC/USDT +11.74%
- HDAO/USDT -19.07%
- SWRV/USDT -20.00%
- MXT/USDT -27.87%
ROAD is taking a break from OKEx's list of worst performers. In its place today is MixTrust (MXT), which dropped nearly 28% over the past 24 hours. On the flip side, Primas Token (PST) has garnered the top spot with a gain of nearly 25% over the same time period.
BTC technical analysis
Yesterday, we noted a bearish divergence on the four-hour Relative Strength Index for the price of BTC. As expected, the price of the leading cryptocurrency almost immediately declined in a sharp fashion — helping reset a bit of overbought price action.
BTC is currently trading under the hourly ribbon of exponential moving averages. Resistance at $14,000 seems unlikely to be tested in the immediate future, given the shakiness of the traditional markets amid increased COVID-19 cases.
A dramatic decline could see the price of BTC return to levels around $12,000 — though eager buyers may front-run such a price dump.
ETH technical analysis
The price of Ether (ETH) is trading below both the four-hour ribbon of exponential moving averages and $395, the level it unsuccessfully attempted to turn into support. While the leading altcoin could trade around this key level, hanging out underneath it is not a bullish sign.
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