BTC futures data shows profit-taking on Coinbase IPO news, but bulls remain in control
Crypto market attempts recovery as select altcoins lead charge
While most major altcoins have seen pullbacks, SOL and others are bucking the trend.
The cryptocurrency market is attempting to recover from yesterday's sell-off. BTC and ETH are still down 1.3% and 2.3%, respectively — dragging the total cryptocurrency market capitalization down an even 2%, as per data from CoinGecko.
Most major altcoins are also down. Large-caps like DOT, ADA, LTC and LINK have seen declines ranging approximately between 2% and 3%, while THETA has lost nearly 8%. Outperforming the market today, however, are TRX, SOL and BTT.
DeFi market falls back below $50 billion
The total value locked in decentralized finance has fallen back below $50 billion, as per data from DeFi Pulse. TVL losses have been sustained by every major DeFi protocol, with Synthetix seeing a drop of over 10%.
Decentralized exchanges have not performed particularly well during the market-wide pullback. SushiSwap fared the worst after losing roughly 5% of its TVL.
Top altcoin gainers and losers: Bitcoin forks give back gains
- MITH/USDT +35.11%
- MCO/USDT +32.13%
- GTO/USDT +20.51%
- UBTC/USDT -9.37%
- PMA/USDT -11.12%
- BCD/USDT -15.94%
BTC technical analysis: Testing key level of potential resistance
The price of BTC is currently testing potential resistance in the form of the ribbon of exponential moving averages on the four-hour time frame. Its quest to recover after yesterday's sell-off could be thwarted if it fails to overcome the EMA ribbon. However, breaking through and flipping the ribbon into support would be a decidedly bullish development.
ETH technical analysis: ETHBTC seemingly finds support
ETH has seemingly found support inside the four-hour EMA ribbon and at a key level of historical interest. The foremost altcoin may be considered bullish against BTC, as long as it stays above this area. Falling back down through would turn the chart bearish.
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