Barring the dollar-pegged Tether, all other nine out of the top 10 digital tokens were trading higher. Bitcoin and Ethereum surged up to 7 per cent each, whereas Polkadot rallied 10 per cent.
The global crypto market cap added more than a per cent to $2.46 trillion mark compared to the last day. However, the total crypto market volume tanked about 4 per cent to $101.58 billion.
Bitcoin tumbled about a fifth from the record high it notched earlier this month as a potentially worrisome new variant of the coronavirus spurred traders to dump risk assets across the globe.
Tech View by Proassetz Exchange
BTC is continuing to exhibit a lower top formation on the daily as well as 4-hour charts, implying the intermediate downtrend to be continuing.
Prices are trading below the 50-day average and taking support at the 100-day average ($54135). An intermediate downtrend line drawn from the Nov top of $69,000 summarizes the technical set up as shown in the diagram.
However, the momentum indicators of 50- & 100- day ROCs are still trading in their positive territories above zero line and conveys that the intermediate downtrend might have exhausted and a breakout above $59,400 will confirm this trend reversal. If it so happens, $60600 will be the next resistance for BTC.
Major Levels
Support: $0.108, $0.104, $0.098
Resistance: $0.12, $0.123, $0.129
(Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
