BTC under pressure from sellers, SushiSwap stages comeback
BTC stubborn in its refusal to pull back as altcoins bleed
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) saw a price drop over the weekend but has rebounded in recent hours and is up 1.3%. The cryptocurrency market leader is currently trading at 16,089 USDT on OKEx.
Altcoins have not rebounded alongside BTC. The price of Ether (ETH) is down 1.4%, while Chainlink (LINK) and Cardano's Ada are both down roughly 2.5%. UNI, the governance token of the Uniswap decentralized exchange, is down 8.5%.
The total cryptocurrency market capitalization is up approximately $3 billion since Friday. The metric now sits at $470 billion. Meanwhile, BTC dominance is down 0.2% over the same time period, according to CoinGecko.
The stock market has rallied exceptionally well following positive news regarding COVID-19 vaccines. The rally is putting pressure on stocks that benefited strongly from the pandemic and associated lockdown measures — such as Zoom Video Communications (ZM) — despite the rising number of new infections in the United States, Europe and elsewhere.
Top altcoin gainers and losers
- SWRV/USDT +40.00%
- SFG/USDT +38,18%
- VALUE/USDT +24.50%
- PNK/USDT -13.62%
- TMTG/USDT -14.06%
- BOX/USDT -30.17%
The top performers on OKEx are seeing more dramatic changes than the worst performers. Swerve (SWRV) is up 40% while DefiBox (BOX) is down roughly 30%. Meanwhile, mainstay The Midas Touch Gold (TMTG) has returned to the list of winners and losers after a seemingly long hiatus.
BTC technical analysis
The weekly price chart for BTC shows just how bullish the first and foremost cryptocurrency is, and has been, since the Black Thursday price crash in March. The market leader is now opening its seventh straight green weekly candle on OKEx and is trading well above $14,000 — which is where traders who are waiting for a pullback may be keen on stepping in.
However, despite repeated calls for a pullback to take place, BTC buyers have been relentless in their effort to absorb all major sales and push the price higher. The weekly Relative Strength Index is in overbought territory, but we know from the historical price action that the cryptocurrency market leader can easily hang out in overbought territory for months on end.
ETH technical analysis
The price of Ether (ETH) seems to be finding support at the daily ribbon of exponential moving averages. Resistance remains at $490 while support sits at the oft-tested $395.
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