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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 12, 2021 Sponsored by Bitcoin (BTC) -2.0% $45,249 Ether (ETH) -2.5% $3,131 (Price data as of August 12 @ 9:00 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 Shows Signs of Exhaustion as Rally ‘Falters’"Markets need to digest some overbought levels before attempting $50,000-$55,000 resistance." Technician's Take: Ether Holds Long-Term Support Ahead of All-Time High
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: Alexander Hoeptner, BitMEX/100x Group Guy Hirsch, eToro Marc Seal, Topps– Lawrence Lewitinn
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: XRP (XRP): +12.7% Polygon (MATIC): +7.2% Stellar (XLM): +3.8%Losers: Uniswap (UNI): -4.1% Ethereum (ETH): -2.5% Bitcoin (BTC): -2.0% Litecoin (LTC): -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 Shows Signs of Exhaustion as Rally ‘Falters’ Bitcoin is flashing signs of buyer exhaustion near the $47,000 price tag as bull pressure begins to wane, according to on-chain data and CoinDesk sources.
The crypto is currently changing hands for around $45,000 after reaching a 24-hour top of $46,767, CoinDesk data shows. The temporary stay in price might be short-lived, however, as prices begin toying with major psychological resistance near $50,000, according to some.
“The derivatives markets are long, perpetual funding rates are positive for shorts, indicating short-term positive interest from retail,” Toby Chapple, head of trading at digital asset firm Zerocap, told CoinDesk.
On the institutional side, things look slightly different, according to Chapple, who said calendar futures across both bitcoin (BTC) and ether (ETH) were “fairly compressed” pointing toward open interest growing for short positions.
BTC/USD Daily Chart Bitstamp Exchange (Source: TradingView) Bitcoin is up 50% over a three-week period, having broken a long-term moving average on the back of strong institutional and retail demand. Still, the crypto is showing signs of buyer exhaustion as seen by the relative strength index, an indicator used to gauge a given trend.
“Markets need to digest some overbought levels before attempting $50,000-$55,000 resistance,” Chapple said.
And while bitcoin’s rally on the back of Ethereum’s ‘London’ Hard Fork has helped drive prices, political tensions in the U.S. and China’s crackdown remain a “significant threat” to the crypto market, Jehan Chu, managing partner at Hong Kong-based crypto investment firm Kenetic Capital, told CoinDesk via WhatsApp on Thursday.
“With the ‘Saylor Surge’ and the ‘Elon Effect’ exhausted, bitcoin likely falters at $50,000 before crashing to sub-$30,000 levels, clearing space for a new year-end institutional catalyst to lift past all-time highs,” said Chu in relation to a mid-term projection on prices.
In the immediate short-term, a pullback is likely as demonstrated by the number of active bitcoin addresses beginning to decline once again, according to data by provider Glassnode.
Other cryptos in the top 20 by market capitalization over a 24-hour period were mixed with tron (TRX) and XRP posting the largest gains while internet computer and uniswap (UNI) lost out the most.
Read the original story here: Bitcoin Shows Signs of Exhaustion as Rally ‘Falters’ Before Next Leg Up: Sources
Technician's Take by Damanick Dantes, CMT Ether Holds Long-Term Support Ahead of All-Time High Ether (ETH), the world’s second largest cryptocurrency by market capitalization, is holding above the 40-week moving average. The long-term uptrend remains intact despite the sell-off from extreme overbought levels earlier this year.
The digital asset is on track to return near the all-time high around $4,300 as buyers remain active at support levels.
The chart below shows ether’s long-term breakout above $1,400 in January and subsequent re-test of that level in February. Similar to bitcoin (BTC), ether avoided a breakdown below the 40-week moving average, which suggests the uptrend is strengthening.
Ether weekly price chart shows the cryptocurrency holding above its 40-week moving average (Source: TradingView) The relative strength index (RSI) on the weekly chart is neutral, similar to the situation in mid-2020, which preceded a strong price rally. For now, pullbacks appear limited around $2,500 to $3,000 support.
Read the original story here: Ether Holds Long-Term Support Ahead of All-Time High
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BOLO Be on the look out for some of these upcoming events: Earnings: Hut8 Mining (HUT) Marathan Digital (MARA). EPS Est: $0.2012:30 UTC (8:30 a.m. ET): Initial jobless claims (Aug. 7). Est: 375,000
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
"First Mover" digs into the July Consumer Price Index (CPI) numbers and how it could impact the crypto markets with CoinDesk Banking and Economics reporter Nate DiCamillo. Meanwhile, the U.S. Senate passes the $3.5 trillion budget plan proposed by the Democrats. We discuss what that means for crypto with Kristin Smith, the executive director of the Blockchain Association, and bitcoin's next move with My Digital Money President Guy Gotslak. Plus, insights into Web 3.0 tokens with Vanessa Grellet, CoinFund Head of Portfolio Growth.
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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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