Is the BTC bottom in? Crypto market sentiment appears to be improving
Crypto market struggles continue as BTC sets sights on 52,000 USDT
Select altcoins — such as ATOM, CRV and MIOTA — are bucking the trend.
The cryptocurrency market continues to struggle as it starts a new workweek. The total capitalization is down nearly 3% to $2.69 trillion. The prices of market leaders BTC and ETH are down by more than 3.5% and 4.8%, respectively, over the past 24 hours.
NFT Snapshot: Macy’s launching Thanksgiving Day parade tokens
Famous United States department store Macy’s plans on launching its own nonfungible token series to benefit the Make-a-Wish Foundation. The collection’s theme will be tied to its Thanksgiving Day parade’s balloons.
The NFTs are ERC-721 tokens and are, according to Macy’s, carbon-neutral.
Top altcoin gainers and losers: CRV and MIOTA outperform
- DORA/USDT +24.35%
- CRV/USDT +15.56%
- IOTA/USDT +13.77%
- YOYO/USDT -13.54%
- GM/USDT -14.60%
- APIX/USDT -22.91%
BTC technical analysis: 52,000 USDT in play
The price of BTC is in a precarious position against USDT. It is currently trying to maintain support around a key Fibonacci retracement level but is struggling inside of the four-hour ribbon of exponential moving averages. Many traders will be watching to see if BTC falls as low as 52,000 USDT — which is expected to be a price level where the market-leading cryptocurrency finds buyers.
ETH technical analysis: Hoping for a breakout
The price of ETH against BTC is currently trading above the four-hour EMA ribbon inside of a substantial consolidation pattern. A breakout to the upside of the large pattern could lead to significant upside for the foremost altcoin — but Ethereum’s scalability woes continue to price out many from the decentralized finance and NFT markets.
Not an OKEx trader? Sign up and claim your new joiner bonus.
Subscribe to the OKEx Insights podcast, Send It!
OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.