Story from Markets Market Wrap: Bitcoin Price, Dominance Slips; Ether Hits Fresh Record High Over $2.6KsteemCreated with Sketch.

in #bitcoin4 years ago

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The market is clearly choosing other digital assets over bitcoin. Ether hits a fresh record price and BNB dominates.

*Bitcoin (BTC) trading around $52,612 as of 21:00 UTC (4 p.m. ET). Slipping 4.7% over the previous 24 hours.
*Bitcoin’s 24-hour range: $52,889-$55,233 (CoinDesk 20)
*BTC below the 10-hour and 50-hour moving average on the hourly chart, a bearish signal for market technicians.

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Bitcoin had its fourth day of weak market action. The world’s oldest cryptocurrency was seeing some selling action as of press time, causing the price to dip to $52,612.

Pankaj Balani, CEO of crypto derivatives venue Delta Exchange, notes that when looking at a larger trading chart time frame the outlook is starting to look bearish for bitcoin. “BTC has slipped below the 50-day moving average support that it held sacrosanct through this rally, and looks like there is more downside here,” Balani told CoinDesk.

As a result of last weekend’s bitcoin dump, BTC’s spot price is now below its 50-day moving average, the first time that has occurred since October 2020, according to the daily charts from TradingView.

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“We might see a sharp bounce in bitcoin, but until it moves above $60,000 the possibility of a bull trap cannot be eliminated,” Balani added.

Perhaps one benefit of this drop in price, at least from a store-of-value perspective many bitcoin proponents advocate, is that BTC volatility continues a slow decline. Bitcoin’s 30-day annualized volatility, as measured by CoinDesk Research, was at 48.9% on April 21, a long slow fall from 2021’s high of 112.8% 30-day volatility on Feb. 9.

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As a result, traders are clearly focused on other blockchain-based assets in the crypto ecosystem, Delta Exchange’s Balani said. “We are seeing strong signs in [altcoins]; ether is the focus here.”

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