Bullish pattern still in play for BTC heading into the weekend
PayPal support spurs on crypto market surge
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The price of Bitcoin (BTC) hardly took a breather yesterday after smashing through $12,000. The market leader reached nearly 13,200 USDT on OKEx earlier this morning but has since pulled back slightly. It is currently trading at 12,761 USDT, as of press time.
The altcoin market has finally moved up alongside BTC after failing to do so during the first portions of the latter's upward move. Ether (ETH), Chainlink (LINK) and Polkadot (DOT) are all up more than 4%, while Bitcoin Cash (BCH) is up 6.8%. However, Litecoin is the big winner among major altcoins after surging 14.3% over the past 24 hours.
The total cryptocurrency market capitalization has pumped 4.1% to $393,343,408,443, according to data from CoinGecko. BTC dominance has also increased to 60.2%.
Though news doesn't always drive the cryptocurrency market — or, at least, not as much as some might believe — yesterday's gains have almost certainly been spurred on by the news that PayPal Holdings Inc. will allow customers to hold and shop with BTC and other cryptocurrencies. The payments behemoth currently has some 26 million merchants on its network.
PayPal will initially support BTC, ETH, LTC and BCH — which explains the significant gains for these major altcoins.
The news also pushed PayPal's stock price to a record high during yesterday's trading session — a bright spot amid European stocks declining on Thursday morning and United States stock futures coming under pressure.
Top altcoin gainers and losers
- RSR/USDT +37.37%
- AAVE/USDT +25.78%
- PST/USDT +19.85%
- LET/USDT -14.11%
- AERGO/USDT -21.69%
- ROAD/USDT -33.56%
ROAD is becoming something of a meme on OKEx's worst performers list after holding down the worst spot for multiple consecutive days with major losses. Aergo (AERGO), meanwhile, gave back much of the nearly 35% increase it had seen at this time yesterday.
BTC technical analysis
BTC did not take a moment to retest previous support yesterday, choosing instead to head straight to levels above $13,000. However, the daily time frame is currently showing a long upper wick, indicating that there is some selling interest here. The Relative Strength Index is also in overbought levels.
Despite this, given the aforementioned PayPal news, traders will find little reason to be bearish beyond a potential short-term pullback. Eager buyers will likely be looking for BTC to pullback and test previous resistance at $11,800 as support — which may also be bolstered by the ribbon of exponential moving averages on the daily time frame.
ETH technical analysis
After lagging behind BTC. the price of Ether (ETH) is currently looking rather bullish — especially if it breaks through resistance at $395. Should ETH follow BTC's lead, traders may be expecting a breakout into the range above and a subsequent test of the previous resistance as support.
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