Bitcoin Consolidation Dampens Market Sentiment as Volatility Remains Low — Futures Friday
BTC takes a breather as crypto market turns red
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) is starting to take a breather after an impressive 12% rally over the past seven days. The market-leading cryptocurrency is down 3.2% across global exchanges and is trading at 17,400 USDT on OKEx.
Major altcoins are also shaving valuations, with most down somewhere between 1% and 5% against the United States dollar or USD-pegged stablecoins.
The total cryptocurrency market capitalization has lost 1.3% today and is now back below $500 billion, according to CoinGecko. BTC dominance has also shaved off 0.3% from yesterday.
The traditional markets are pulling back after an impressive rally that came off the back of positive news relating to COVID-vaccine trials. Dow Jones, S&P 500 and Nasdaq futures all fell yesterday.
Top altcoin gainers and losers
- PNK/USDT +45.02%
- ROAD/USDT +34.23%
- LMCH/USDT +26.17%
- APIX/USDT -13.54%
- FRONT/USDT -23.08%
- APM/USDT -26.02%
Though the cryptocurrency market is almost universally down today, some altcoins have outperformed. The big winner of the past 24 hours is Pinakion (PNK), though the infamously poor-performing ROAD managed to take the second spot.
BTC technical analysis
Generally speaking, it appears as though the price of BTC is taking a breather in an effort to challenge old all-time highs around $20,000. With the ribbon of exponential moving averages moving firmly upward on the daily time frame, it stands to reason that pullbacks will continue to be bought aggressively. However, the daily Relative Strength Index has spent a lot of time in overbought territory recently — a sign that a healthy pullback may be in the cards.
ETH technical analysis
The price of Ether (ETH) has rammed right up against resistance and appears interested in breaking through it. The daily EMA ribbon may provide support in its bid to push higher, and buying interest may still exist ahead of Ethereum 2.0's Phase 0 launch in December.
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