Market Wrap

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Investors have been selling bitcoin for the past week, according to on-chain data. Meanwhile, ether’s daily trading volumes have consistently outpaced BTC’s.

  • Bitcoin (BTC) trading around $35,987 as of 21:00 UTC (4 p.m. ET). In the red 2.5% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $35,754-$37,833 (CoinDesk 20)
  • Ether (ETH) trading around $2,549 as of 21:00 UTC (4 p.m. ET). Losing 3.2% over the previous 24 hours.
  • Ether’s 24-hour range: $2,532-$2,734 (CoinDesk 20)

Bearish bitcoin signal

Bitcoin, the world’s largest cryptocurrency by market capitalization, was below the 10-hour moving average and the 50-hour as the two indicators are closing in on each other, a bearish signal for market technicians. 

BTC’s price slid from $37,833 at 01:00 UTC (9 p.m. ET Monday) to as low as $35,816 by 17:15 UTC (1:15 p.m. ET) Tuesday, a 5.3% tumble based on CoinDesk 20 data, before rising to $35,987 as of press time.

“Bitcoin is newly oversold from an intermediate-term perspective,” said technical analyst Katie Stockton in her weekly Fairlead Strategies investor note.

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John Spacey

John Spacey