Some bitcoin investors appear to be buying in around $30,000 and taking profits at $40,000, according to one analyst. Meanwhile, ether’s spot market is decoupling from bitcoin and gyrating wildly, according to volatility metrics.
- Bitcoin (BTC) trading around $32,963 as of 21:15 UTC (4:15 p.m. ET). Gaining 3.5% over the previous 24 hours.
- Bitcoin’s 24-hour range: $31,650-$34,893 (CoinDesk 20)
- BTC above the 10-hour and the 50-hour moving averages on the hourly chart, a bullish signal for market technicians.
The price of bitcoin made gains opening the week, rallying from as low as $31,640 at around 21:00 UTC (4 p.m. ET) Sunday to as high as $34,893 at around 14:00 UTC (9 a.m. ET) Monday. The price has slipped a bit since then, with the world’s oldest cryptocurrency changing hands around $32,963 as of press time.
“A clean break above $34,500 and more sustainably above $36,000 is needed,” David Lifchitz, chief investment officer of quant trading firm ExoAlpha, told CoinDesk. “We could also be in for a classic ‘W’ bottom when the first bounce off the lows is met by another batch of selling before it eventually bounces back for real.”
So far this year, bitcoin is up over 13% on spot exchanges such as Luxembourg-based Bitstamp.
“Everyone is seeing good buying at the low end of the $30,000s, so clearly the institutions are comfortable entering there,” noted Chris Thomas, head of digital asset for Swissquote Bank. “We’ve previously seen strong selling around $40,000 so these will be the big tests over the next week or two.”