First Mover Asia: Bitcoin Sees Little Movement After Light Weekend Trading
By Muyao Shen, James Rubin
Market moves: Bitcoin moved little on light weekend volume, while prices of gaming tokens spiked.
Bitcoin (BTC): $42,420 +2.04%
Ether (ETH): $3,036 +0.64%
|Cosmos||ATOM||+13.1%||Smart Contract Platform|
|Ethereum Classic||ETC||+5.1%||Smart Contract Platform|
|Cardano||ADA||+2.0%||Smart Contract Platform|
|Solana||SOL||−1.3%||Smart Contract Platform|
|Ethereum||ETH||−0.9%||Smart Contract Platform|
S&P 500: 4,500 +0.5%
DJIA: 35,089 -.06%
Nasdaq: 14,089 +1.5%
Gold: $1,807 +0.1%
Bitcoin (BTC) moved little on Sunday after another weekend with light volume, while tokens associated with gaming saw a price bump.
At the press time, the oldest cryptocurrency is changing hands at $42,420, up 2.04% in the past 24 hours, according to CoinDesk data. Ether, the second biggest cryptocurrency by market capitalization, is up 0.64% to $3,036 in the same time period.
In the broader cryptocurrency market, gaming tokens rallied over the weekend, while the majority of the market remained quiet. At the time of writing, data from Messari shows that prices of gala (GALA), axie infinity (AXS), and decentraland (MANA) were up by double digit percentage in the past 24 hours.
Bitcoin Attempts to Break Downtrend; Faces Resistance Toward $45K
Bitcoin (BTC) buyers were active over the past 24 hours as the cryptocurrency topped $40,000 for the first time in two weeks. Upside momentum is improving after technical indicators reached the most oversold levels since March 2020.
Over the short term, however, bitcoin could see additional upside, especially since the relative strength index (RSI) is not overbought on the daily chart. The next level of resistance is around $45,000, which could stall the current rally.
Bitcoin’s price will need to remain above $37,000 over the weekend in order to signal the start of a recovery phase. Still, significant price gains are unlikely if negative momentum signals are confirmed on the monthly chart.
Technical confirmation requires at least two consecutive daily or weekly price closes above or below a major support/resistance level. When gains or losses are carried over into the following trading session it may reflect conviction among buyers and sellers, leading to more reliable price targets.
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