Bitcoin Consolidates as DeFi Grows to $29-B 'Locked'

#Bitcoin #Ether #Defi

$BTC $ETH

BTC's price is still consolidating as investors take profits and enter other market opportunities including DeFi, the decentralized finance ecosystem, which hit a record level of value locked Wednesday.

• Bitcoin (BTC) trading around 31,266.50 Slipping 1.4% over the last 24 hrs.

• Bitcoin’s 24-hr range: 29,298-32,939 (CoinDesk 20)

• BTC is trading above the 10-hr but below the 50-hr MAs on the hrly chart, a sideways signal for market technical analysts.

The price of Bitcoin lost ground for the 2nd day running Wednesday. The world’s oldest and largest cryptocurrency fell to as low as 29,298 at 15:00 UTC (10a ET), according to CoinDesk 20 data. 

Technically, BTC is in a descending triangle, a continuation pattern showing lower highs and lower lows with currently a floor price at 29,000 a clear break there then 25,000 is in sight.

The 2nd-largest cryptocurrency by market cap, Ether (ETH), was down Wednesday, trading at 1,290.84 and slipping 3.8% in 24 hrs as of 21:00 UTC (4:00pET).

The total value locked in DeFi (decentralized finance), which is primarily run on the Ethereum network crossed $29-B for the 1st time Wednesday, a 30X+ spike over the past year. On 27 January 2020, the amount “locked” in DeFi was just $850-M.

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Have a healthy day, Keep the Faith!