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News/Bitcoin presses on despite bearish divergences, but momentum appears weak

11 months ago6 mins read

Bitcoin presses on despite bearish divergences, but momentum appears weak

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Bitcoin price continues to rise steadily, however, it is clear from CVD and on-chain analysis that coins are being distributed within this range. Bitcoin volume is also starting to die off, potentially signalling the weakening of this trend. Perhaps a final push toward the nearest resistance of $22,500 may take place but the rally is likely to end around that.

S&P 500 remains at 4,024, looking to break through resistance. On the other hand, DXY continues to weaken, and is sitting at a weekly support level of 101.632, desperate for a bounce.  

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Top  altcoin gainers and losers

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Bitcoin Technical Analysis

Bitcoin continues to climb higher despite losing momentum from spot buying as well as overall volume in general — both of which typically signal a bull trap before a dump. Looking at the liquidation map we can see a sentiment shift from bearish to bullish, with most if not all the liquidations mainly clustered around $16,500 - 17,500. As bearish signs keep coming up, it is likely, the coming retracement will not just be a correction before we move high but a proper drop.

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Ethereum Technical Analysis

Ethereum is in the same boat as Bitcoin — the CVD tends to show distribution and volume keeps decreasing as the price slowly moves upward. Looking at liquidations there is a massive cluster of high leverage longs present around lower $1,200. Nothing looks bullish on the chart, however, if Bitcoin wants to push one final time as suggested above Ethereum will also see a nice move, but ultimately it is likely to come down again.

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NFT Market Map

Only 3 out of 10 top NFT collections today recorded positive volume growth in the last 24 hours. Grails III Mint Pass (+485.22%) became the best performer as a new collection.

Despite the decline in volume growth, a KID called BEAST (-28.82%) was still able to flip Bored Ape Yacht Club and MutantApeYachtClub (-12.32%) in terms of volume traded.

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Coin360 Daily Digest

Here’s a rundown of the major crypto market news from today.

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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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