Bitcoin fails first attempt at $17,000 but bulls remain optimistic

In yesterday’s market update, we highlighted the possibility of a test of \(17,000 by Bitcoin. The market leader moved as per expectations, breaking above \)16,800 yesterday.

Despite its early rejection just below \(17,000, Bitcoin is maintaining the move, currently trading at \)16,800. While we can expect prices to head down further till \(16,600, but ultimately the range between \)17,400 - $17,600 looks more promising.

Market participants will be looking forward to meeting minutes from the FOMC today, which could inject more volatility into markets.

On the flip side, the S&P 500 broke its bearish structure through a fresh high and low, but for it to continue we’ll need today’s session to go beyond 3,900 before any retracement. DXY, for now, is still stuck in sideways movement and is steady at 104.08.

Top  altcoin gainers and losers

Gainers

• NEAR Protocol NEAR (+14.87%)
• Ethereum Classic ETC (+13.91%)
• Solana SOL (+13.68%)

Losers

• OKX OKB (-7.33%)
• Osmosis OSMO (-3.11%)
• GMX GMX (-3.06%)

Bitcoin Technical Analysis

Bitcoin  was able to break through \(16,800 with a clean candle body and wicked up to \)16,900. Currently, we’re in a cool-down period before the next move, but if Bitcoin is able to maintain its structure our targets will be met.

Bitcoin futures aren’t as aggressive as expected, with little to no new open interest, however, there are still a lot of shorts stacked up at the current price and their stop losses make an excellent magnet for the price.

Ethereum Technical Analysis

Ethereum has outperformed Bitcoin in this move, by gaining as much as 8% in the last few two. ETH now sits at \(1,252 which was part of our lower range for the targets shared yesterday. Most of this price action is, however, driven by futures, which is worrisome as we can see 82,000 longs opened in one day on Binance futures alone. However, there are no bearish price action signs, such as divergences, and \)1,280 to $1,300 is still likely.

NFT Market Map

Savage Nation (+313.17%) surpassed Potatoz (-30.05%) and Bored Ape Yacht Club (-30.12%) to be the top NFT collection by daily trading volume.

Savage Nation’s Stage 3 Reveal was said to be the main catalyst for the project to overcome Potatoz, which saw its volume and sales spiked yesterday as people prepared for today’s Captainz Minting event.

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.