Bitcoin was higher Monday at around $33-K, rebounding after a 9.9% fall in the 7 days through Sunday, the biggest weekly decliner since August. Tuesday, BTCUSD=X is trading just shy of $32-K
Bitcoin is seeing some consolidation after surviving a run to support at $30-K.
A move back above $35-K may start to change the action, but the trend is against the lead cryptocurrency over the last few wks and a move South could happen.
Ether, the main cryptocurrency of the Ethereum blockchain, rose early Monday to a new all-time high price at $1,476.12 and is currently trading at 1,329.55. Ether is the 2nd-biggest digital asset by market value after Bitcoin, it has nearly 2X’d YTD.
Given the dip from Bitcoin and the steadiness of Ether, crypto investors might see some cash mover into ETH as they look for a stronger side-by-side Bull run in here.
Kraken notes that Bitcoin buyers appeared last wk when prices fell to the Key support at and around $30-K, just above the $29-K mark where it began this year, following Y 2020 when its price 4X’d.
Corrections between 8 and 12% are healthy in a Bull run, and such moves are must often met with strong bids, as they shaking out profit takers and weak players setting up for the next leg North.
Data taken from the Bitcoin blockchain network tells us that the number of addresses with at least 1,000 or more Bitcoins increased last wk. That is an indication that large institutional buyers came into the market on the dip. The action say there is lots of demand for Bitcoin at prices well above those of Y 2020.
Note: Coinbase now has more than $90-B of assets on platform and more than 43-M registered users.
On Ether’s Bullish call: There are 3 reasons to be Bullish, theyare; next month’s CME futures launch, the planned transition to 2.0 “staking network” and possible token burns via the EIP 1559 update. Stay tuned…
Have a healthy day, Keep the Faith!
