Bullish pattern still in play for BTC heading into the weekend
Further BTC price increase could be mitigated by bearish divergence
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) has increased by 3.7% over the past 24 hours and is currently holding a gain of 14.3% over the past seven days. As has been the theme recently, altcoins are failing to keep pace with the cryptocurrency market leader — with most of the majors either trading flat or down.
BTC's leadership has driven the total cryptocurrency market capitalization up an additional 2% to $409,054,608,529, as per data from CoinGecko. Meanwhile, BTC dominance has increased nearly an entire percentage point and now stands at 61.7%.
United States and European futures declined to mixed Asian stocks this morning. The traditional markets continue to remain highly concerned about the COVID-19 pandemic and its continued economic impact.
Top altcoin gainers and losers
- CRV/USDT +39.35%
- PMA/USDT +26.93%
- BOT/USDT +22.93%
- ORBS/USDT -15.08%
- IQ/USDT -17.52%
- ROAD/USDT -33.33%
ROAD is once again the worst performer on OKEx — something that has become all but a daily occurrence. Everipedia (IQ), meanwhile, is one of today's losers after being yesterday's top performer — a spot that is being held today by the token for decentralized stablecoin exchange Curve (CRV).
BTC technical analysis
The price of BTC is currently trading underneath resistance at $14,000 but has yet to touch that level. The possibility of breaking said resistance without some kind of pullback is mitigated by a developing bearish divergence on the four-hour time frame. The price of the market leader is putting in higher highs while the Relative Strength Index is putting in lower highs — a sign that a correction may be due.
ETH technical analysis
The price of Ether (ETH) is currently holding on to its key support level by a thread. Successfully holding this level could see the bulls make an attempt to push the leading stablecoin up toward $490 in the medium-term. However, a breakdown here would see ETH re-enter its previous trading range and possibly test $335, once again.
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