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BTC takes a breather as crypto market turns red

2020.11.19 Adam James

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.

Top cryptocurrency prices - 11/19
The cryptocurrency market is almost universally in the red today. Source: Coin360

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.

Bitcoin price chart - 11/19
OKEx's BTC/USDT 1D chart — 11/19. Source: OKEx, TradingView

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.

Ethereum price chart = 11/19
OKEx's ETH/USDT 1D chart — 11/19. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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