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Bull vs. Bear Battle Continues Into Weekend
Bitcoin's latest technical levels, the top 10 "out of the money" cryptocurrencies, and a crypto 101 on DEX risks.
OVERVIEW
Bull vs. Bear Battle Continues Into Weekend
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While U.S. tech stocks closed at new all-time highs, the crypto market remains near one-month lows as altcoins lead to the downside. Sentiment is mixed headed into the weekend, with the bears touting a slight edge over the bulls given this week’s price action. 🐻
In today’s Litepaper we look at Bitcoin’s latest levels, the top 10 “out of the money” cryptocurrencies, and a crypto 101 on the risks associated with DEXs. 📰
Before we dive in, here’s today’s crypto market heatmap:
And here’s a look at crypto’s total and altcoin market cap:
TECHNICAL ANALYSIS
The 50-Day Remains A Battleground
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The Bitcoin chart we shared earlier in the week remains in play, with bears seemingly gaining control this morning but bulls pushing back late in the day.
The 50-day simple moving average and uptrend line from the October lows remain critical levels for Bitcoin in the short term. Depending on which side takes control, resistance is near 74,000 and support is near 56,000. 🕵️
Stocktwits community sentiment hasn’t been helpful this week, sitting near neutral territory as investors and traders debate the market’s next move. 😐
Coindesk offered a few potential explanations for the recent divergence between tech stocks and crypto. The most interesting one is that addresses with supply inactive for 1 and 2 years have been selling since prices hit a record high, offsetting accumulation by longer-term holders. 📊
Meanwhile, other analysts suggested that options data is pointing to a quiet summer ahead for crypto given the lack of catalysts to drive the market one way or the other.
Time will tell how things eventually shake out but headed into the weekend, the 50-day moving averages in Bitcoin and Ethereum remain battlegrounds that neither bulls nor bears want to give up. ⚔️