[시황] Bitcoin “$50,000 is short-term resistance”

Bitcoin ended with a recovery after the 21% plunge last week, as the market reorganized. Signs are spotted everywhere that the global economy may recover faster than expected, and investors are speculating how this will affect the cryptocurrency market.

■ As of 11:30 this morning, bitcoins were traded at around $48,560 each. This is an increase of about 3.59% in 24 hours.

■ Over the course of 24 hours, the price of bitcoin has been in the range of $46,393 to $49462.

■ Looking at the price chart, the Bitcoin price exceeded the 10-hour and 50-hour moving averages. According to technical analysis, this is a bullish signal.

Bitcoin price volatility on the eight major exchanges included in CoinDesk 20 remained almost constant. It was about a third of the recently observed variability.

Jason Lau, chief operating officer of OKCoin, a US cryptocurrency exchange, said, “Bitcoin price has been staying at the $50,000 level since rebounding from the lows earlier this week.” As it keeps going, the bitcoin price is moving at an almost constant level,” he said.

IntoTheBlock quotes the In/out of the money around price (IOMAP) figure in a recently published newsletter. “$50,000 seems to be a major short-term resistance line”Said.

“Just before $50,000, 1.46 million wallets bought a total of 65,970 BTC worth of bitcoin. This price range, which has already shown high levels of trading activity, can be regarded as a break-even point for investors at this point, and is likely to be a strong resistance line in the short term.

Along with this, it is highly likely that large-scale bitcoin purchases of between $45,600 and $47,000 are likely to help the uptrend. As a result, it means that if you exceed $45,000, the recovery will continue, and if you exceed $50,000, it means that you are ready to hit a new high.

You need to look carefully at these price points before determining if a price adjustment is complete.” -Into the Block Newsletter

Investors should also consider macro factors, such as the February unemployment rate report and soaring bond rates.

Ethereum downtrend, faster than Bitcoin

Ether (ETH) traded at around $1533 each as of 11:30 this morning, up about 4% in 24 hours.

$1533 is about 25% down from $2036 ​​on February 19th of last month. This is a steeper decline than Bitcoin, which plunged 17% in a short period after recording a record high of $58,323 on the 21st of last month.

Okay Coin’s Chief Operating Officer Lau said, “The high Ether price dramatically increases transaction costs, which adversely affects the use case of Ethereum as a smart contract platform. This eventually leads to a change to another platform,” he pointed out.

As previously reported, the Ethereum Improvement Proposal (EIP) 1559 is scheduled to be released in July as scheduled despite the backlash from the mining industry. The goal of the proposal also includes improving Ethereum’s high transaction costs.

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