First Mover Asia: Bitcoin Tops $50K, Ether, Other Altcoins Rise
Market moves: All eyes were on the Chinese stock market, as bitcoin funding rates on Chinese derivatives exchanges slowly recovered from negative territory.
Technician’s take: Bitcoin was stabilizing above its 20-day average two days after its 20% plummet.
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Bitcoin (BTC): $50,509 +2.3%
Ether (ETH): $4,324 +3.1%
Bitcoin inched up on Monday two days after plummeting 20%, and at one point neared $51,000. The largest cryptocurrency by market capitalization was trading well over $50,000 at the time of publication. Trading volume was even lower than a day ago across major centralized exchanges. Ether was up over 3% to $4,324.
Bitcoin is stabilizing above its 200-day moving average, currently at $46,000, after a nearly 20% sell-off over the weekend. The cryptocurrency was roughly flat over the past 24 hours, and was trading at around $49,000 at the end of the New York trading session. BTC is down about 15% over the past week.
The relative strength index (RSI) on the daily chart is the most oversold since July, which preceded a strong price recovery. Still, oversold conditions could persist for several days as sellers gradually exit positions.
BTC is poised for a short-term bounce, although upside appears to be limited toward the $55,000-$60,000 resistance zone. Over the long term, weekly momentum indicators have shifted negative for the first time since April, which preceded a brief crypto bear market.
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