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| Everything you need to make sense of the crypto markets and beyond By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets August 9, 2021 Sponsored by Bitcoin (BTC) +2.7% $45,641 Ether (ETH) -0.2% $3,101 (Price data as of August 9 @11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitcoin Cools on 3-Month High as Long-Term Moving Average Looms LargeA clean break above the 200-day moving average could accelerate prices. Technician's Take: Bitcoin Holds Support; Next Resistance at $50K
And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and me at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Teddy Fusaro, Bitwise Eddie Ghabour, Key Advisors Group Vanessa Grellet, CoinFund– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Bitcoin (BTC): +2.6% XRP (XRP): +1.8% Uniswap (UNI): +0.7%Losers: Chainlink (LINK): -1.9% Polygon (MATIC): -1.3% Ethereum Classic (ETC): -0.9%The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
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Market Moves by Sebastian Sinclair Bitcoin Cools on 3-Month High as Long-Term Moving Average Looms Large Bitcoin reached its highest point in almost three months on Saturday before paring back some of the weekend’s gains.
Prices have since cooled and are down around 1.5% on a 24-hour basis after reaching a top of $45,300 – their highest point since May 18. As of press time, bitcoin (BTC) is changing hands for around $43,430.
Datamish data show bitcoin’s push to higher price highs (HH) and higher price lows (HL) was precipitated by a short squeeze which saw 126 BTC short positions liquidated on Friday.
“Perpetual funding rates have turned positive, meaning that the derivatives market is clearly positioned to the long side,” Toby Chapple, head of trading at digital asset firm Zerocap told CoinDesk via Telegram. “This positioning is also supported by an expanding futures basis curve, showing that market sentiment is gradually building.”
Significant outflows from exchanges have also been accelerating, indicating a lack of short-term selling intent, according to the digital asset firm. Despite market concerns around the proposed crypto tax reporting provision in the U.S. infrastructure bill, institutional activity is once again on the rise.
“This is reflected in the Grayscale premium reaching toward positive territory, albeit slowly,” said Chapple.
Indeed, on-chain data also suggests further signs of bullish activity. Wallet addresses with greater than 0.1 BTC are at their highest point in two months and have continued to rise since July 28, up 3.19 million from June 14’s 3.14 million, Glassnode data show. BTC/USD Daily Chart Bitstamp Exchange (Source: TradingView) Whales, or large market participants holding between 100 and 10,000 BTC, continue to build long-term positioning which “bodes well for the structure of the market,” according to Zerocap.
Bitcoin’s HH and HL bullish charting pattern tells of the risk-taking mood currently brewing in the market which has driven prices toward the 200-day moving average – a significant marker of bullish activity when prices are above and conversely bearish when below.
“The 200-day moving average at approximately $45,000 has provided some resistance – a clean break here could lead to the next accelerated push higher,” Chapple said.
Other notable cryptos in the top 20 by market capitalization are also shedding some of the weekend gains with chainlink (LINK), polygon (MATIC), and dogecoin (DOGE) having sunk the lowest.
Meanwhile, the often touted cousin of bitcoin, gold’s spot price briefly plummeted to a low of $1,681 from around $1,760 on Sunday evening. Prices have continued to build and are sitting around $1,761 per troy ounce.
Read the original story here: Bitcoin Cools on 3-Month High as Long-Term Moving Average Looms Large
Technician's Take by Damanick Dantes, CMT Bitcoin Holds Support; Next Resistance at $50K Bitcoin (BTC) rallied above $45,000 as upside momentum improved over the past two weeks. The next level of resistance is seen at $50,000, which could limit further upside given short-term overbought signals. Bitcoin is up about 2% over the past 24 hours – around $45,600 at press time and holding support above $40,000. Bitcoin daily price chart shows support and resistance levels with MACD and RSI (Source: TradingView) The relative strength index (RSI) on the daily chart is overbought for the second time since July 31, which preceded a near 10% price decline.However, the weekly RSI is rising from neutral levels with a positive momentum signal for the first time since October 2020, which reignited the long-term uptrend. Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels such as the 100-day moving average.
Read the original story here: Bitcoin Holds Support; Next Resistance at $50K
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ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Senate to Vote on Crypto Provision Amendments for Infrastructure Bill "First Mover" looks at the top stories in the crypto world: Senators to vote on crypto provision amendments for the infrastructure bill, and crypto markets got a nice boost after Ethereum's London upgrade. Plus, what's the relation between prediction markets and crypto? Henrik Johansson, Crypto.com Global Head of Growth, Alexandre Lores from Quantum Economics, and PredictIt CEO John Aristotle Phillips join the discussion.
The dynamic crypto mining industry has been even more active following China's crackdown. The global hashrate has largely shifted to North America, making the U.S. a key mining hub where institutions now take central stage. In this sponsored webinar on Aug. 10, Foundry CEO Mike Coyler explains how this new demographic of miners have special requirements, which the company has been catering to through its rapidly growing Foundry USA Pool and other services. Register for free.
Latest Headlines Indonesia’s Pintu Exchange Raises $35M in Extended Series A Led by Lightspeed Venture Funding will go toward hiring efforts, improving Pintu's market position, undertaking educational campaigns and delivering new products. Argo Blockchain First-Half Revenue Surges on Bitcoin Production, Price The company also canceled an $8 million order for mining machines from ePIC Blockchain Technologies. Binance to Perform Reverse Splits on Uniswap, Litecoin-Linked Tokens The exchange will consolidate UNIDOWN and LTCDOWN tokens by 100,000 to 1. Ether Erases Early Losses to Trade Little Changed Above $3K The token remains below the 2 1/2-month high of $3,188 reached over the weekend.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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