First Mover Asia: Bitcoin Stabilizes Near $43K as Layer 1 Tokens Attract Attention
Good morning. Here’s what’s happening:
Market moves: Bitcoin stabilized near $43,000 after Wednesday’s sell-off, while traders’ attention turned to layer 1 tokens.
Technician’s take: Oversold signals remain intact for bitcoin, although upside is limited.
Catch the latest episodes ofCoinDesk TVfor insightful interviews with crypto industry leaders and analysis.
Bitcoin (BTC): $43,073 -1.09%
Ether (ETH): $3,407 -4.097%
S&P 500: 4,696-0.096%
DJIA: 36,236 -0.47%
Nasdaq: 15,080 -0.13%
Gold: $1,790 -1.09%
Bitcoin stabilized around $43,000 after it fell to near $42,000, while a few layer 1 tokens such as harmony (ONE), fantom (FTOM), cosmos (ATOM), and NEAR (NEAR) quickly turned to green despite Wednesday’s broader market sell-off.
At the time of writing, bitcoin, the oldest cryptocurrency, was trading at $43,073, down by 1.09% in the past 24 hours, according to CoinDesk Data.
Data from TradingView and Binance shows that most of the dumping events took place on Wednesday during U.S. trading hours. Notably, the price of the No. 1 cryptocurrency took only a small hit during Asian hours on Thursday.
Bitcoin (BTC) dipped below initial support at $45,000 on Wednesday, but later stabilized around $42,000, which is near the Dec. 5 crash low. Oversold signals remain intact, which suggest selling pressure could subside.
Given the series of lower price highs since November, support ranges and oversold readings are viewed as countertrend. This lowers the probability of significant buying strength until the downtrend is reversed.
There is strong resistance ahead which could limit upside moves over the short term. For example, price momentum turned negative on the monthly chart, indicating a possible trend shift from bullish to bearish.
Further, bitcoin remains stuck below key moving averages and is roughly 35% below its all-time high around $69,000.
The cryptocurrency is down about 8% over the past week as buyers failed to sustain a break above $50,000.
2 p.m. HKT/SINGT (6 a.m. UTC): Germany Trade Balance (Nov. MoM)
2 p.m. HKT/SINGT (6 a.m. UTC): Germany Industrial Production n.s.a w.d.a. (Nov. YoY)
3 p.m. HKT/SINGT (7 a.m. UTC): U.K. Halifax House Prices (Dec. MoM)
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Said and heard
“Feels like 2022 is for prioritizing people who align with whatever energy you want to see in yourself.” (Wall Street Journal technology columnist Christopher Mims on Twitter)
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