Tesla boss Elon Musk tweeted late Thursday hinting at a breakup with bitcoin, spooking investor sentiment. Bitcoin and Ether slipped over 3 per cent, but recovered half of the losses later.
Musk has been a major promoter of cryptocurrencies, but has of later turned critical of bitcoin because of its immense energy use.
Despite speculative action in ‘meme’ equity counters, pushing them to new highs, the crytpo market is lagging behind. However, the performance of meme-based digital tokens, like Dogecoin, has improved, though the upside remains limited.
“The king pair of Bitcoin and Ethereum are slowly yet steadily moving out of their consolidation phase. It is a good sign for the markets as most of the other Altcoins tend to follow the price movements of bitcoin and Ether,” Edul Patel, CEO and Co-founder, Mudrex. “The major decline came from Dogecoin, as it finally shed its steam after three days of a fierce uptrend. This correction in DOGE was imminent. The coming week is poised to be interesting for the cryptocurrency market,” he said.
ZebPay Trade Desk’s Tech View
This week the top 3 assets by market capitalization — Bitcoin, Ethereum and BNB — have seen a recovery. BTC has now started its journey upward, trading between $36,000 and $39,500. This week, the asset saw a rise of 10% and hit $39,000 level.
ETH, after witnessing a correction, has started an upward trend, and currently trades at $2,800 level. The week has been rangebound for the asset, with the price moving between $2,600 and $2,900. BNB has also been impressive this week, up over 30%, and currently trades at $400 level. Overall, the week has been positive and in the green for most of the top assets.
On a technical front, the top 3 assets are trading near the important resistance levels, and for the prices to further rally it needs to break and sustain above the resistance levels mentioned in the table below.
The overall sentiment seems to be positive and the next couple of days will be crucial in determining the further trend in the market.
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.)