
BTC consolidates as Uniswap sees massive increase in USD value locked
Key Takeaways
Market Overview
The cryptocurrency markets were broadly in the red on Tuesday Asia morning, as major trading pairs have failed to break key resistance levels. The psychological 10000 levels for BTCUSDT remained tangible, while 220 levels for ETHUSDT were still undamaged. With the halving has been delivered successfully, markets seem to be continuing its search for the next focus, while major pairs may need further consolidations before starting a new trend.
Although the recent price actions may disappoint some traders, data shows that the interest of investors in the cryptocurrency as an asset class remained high. Sentix Crypto Asset Classe Sentiment Index reached an all-time high right after bitcoin halving took place. Manfred Hubner, Managing Director at Sentix, believed that the readings reflect that markets have seen many halving-driven short-term speculations. With the increasing investor interest in bitcoin, Hubner thinks it could result in price opportunities in the medium term. However, a higher Index also suggests that the price may need a renewed consolidation in the short-term.
Figure 1: Sentix Crypto Asset Class Sentiment Index
Figure 2: BTC Balance on Exchanges
Additionally, on-chain data may also support the long-term positive outlook. Data from Glassnode shows that there was a significant outflow of BTC from exchanges, and the overall BTC balance on exchanges has almost reached a fresh one-year low.
Glassnode explained that whales could start to withdraw their holdings into cold wallets (long-term bullish), which could be one of the reasons for the balance decrease. However, the balance reduction could also implicate that investors may be disappointed in the post-halving price actions.
Elsewhere, leading altcoins traded about 2% to 4% lower in the session, with XRP gave up 2.6% value, while EOS and NEO were down about 4%. THETA has been hovering near its one-year high ahead of the Mainnet 2.0 launch. ETC watchers may want to put a close eye on the Phoenix hard fork, which is expected to happen in early June.
Price Analysis
BTCUSDT – Golden cross in the making but losing momentum?
Figure 3: BTCUSDT Daily Chart
ETHUSDT – Bulls set to face key resistance
Figure 4: ETHUSDT Daily Chart
ADAUSDT – Bearish divergence increasingly evidence
Figure 5: ADAUSDT Daily Chart
THETAUSDT – Rally momentum sustainable until network upgrade?
Figure 6: THETAUSDT Daily Chart
Author: Cyrus Ip
Research Analyst, OKEx
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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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