Bullish pattern still in play for BTC heading into the weekend
BTC holds gains while ETH and altcoins sustain losses
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) hasn't changed much over the past 24 hours and is currently trading around 13,100 USDT on OKEx — a daily increase of 0.7%. The same cannot be said for many altcoins, however, which have dropped significantly. The price of Ether (ETH) is down 3.1% and Chainlink (LINK) is down 4.7%. Polkadot (DOT), though, has outperformed and is up 9.1%.
Despite losses among many altcoins, the total cryptocurrency market capitalization has risen 0.1% over the past 24 hours and now sits at $401,072,856,731, according to data from CoinGecko. BTC dominance, meanwhile, has increased to 60.8%.
Uncertainty surrounding the surging number of COVID-19 cases in Europe and the United States, and the latter's upcoming presidential election, is shaking traditional markets — which may continue to weigh on the cryptocurrency market, as well.
Top altcoin gainers and losers
- IQ/USDT +36.46%
- KSM/USDT +27.80%
- QUN/USDT +20.00%
- WING/USDT -14.57%
- SFG/USDT -22.43%
- ROAD/USDT -34.33%
ROAD has regained its spot as OKEx's worst performer, which is becoming something of a meme over the past two weeks. On the other side of the spectrum, Everipedia (IQ) has surged a whopping 36.46% over the past 24 hours.
BTC technical analysis
Because there has been little change in the price of BTC over the past 24 hours, there haven't been many developments on the technical analysis front. The daily chart is still overbought on the Relative Strength Index, but the market leader still looks interested in testing resistance at $14,000. Support remains underneath in the form of the exponential moving averages and previous resistance.
ETH technical analysis
The price of Ether (ETH) may currently be in a bit of trouble. It is currently trading underneath both the four-hour ribbon of exponential moving averages and its previous resistance. Furthermore, the RSI still has more room to move down and enter oversold territory in the same time frame. Failure to regain the range above may see ETH decrease back to previous support at $335.
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OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals.