First Mover Asia: Bitcoin Sees Little Movement After Light Weekend Trading

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First Mover Asia: Bitcoin Sees Little Movement After Light Weekend Trading

By Muyao Shen, James Rubin

Market moves: Bitcoin moved little on light weekend volume, while prices of gaming tokens spiked.

Technician’s take: Bitcoin attempts to break downtrend; faces resistance toward $45K

Prices

Bitcoin (BTC): $42,420 +2.04%

Ether (ETH): $3,036 +0.64%

Top Gainers

Asset Ticker Returns Sector
Cosmos ATOM +13.1% Smart Contract Platform
Ethereum Classic ETC +5.1% Smart Contract Platform
Cardano ADA +2.0% Smart Contract Platform

Top Losers

Asset Ticker Returns Sector
Internet Computer ICP −5.3% Computing
Solana SOL −1.3% Smart Contract Platform
Ethereum ETH −0.9% Smart Contract Platform

Markets

S&P 500: 4,500 +0.5%

DJIA: 35,089 -.06%

Nasdaq: 14,089 +1.5%

Gold: $1,807 +0.1%

Market moves

Bitcoin (BTC) moved little on Sunday after another weekend with light volume, while tokens associated with gaming saw a price bump.

At the press time, the oldest cryptocurrency is changing hands at $42,420, up 2.04% in the past 24 hours, according to CoinDesk data. Ether, the second biggest cryptocurrency by market capitalization, is up 0.64% to $3,036 in the same time period.

According to data compiled by CoinDesk, bitcoin’s trading volume across major centralized exchanges on the weekend was down significantly from Friday, but in line with most weekdays in the past week. Spot trading volume was reduced over the past week, as major crypto markets in Asia were off for the Lunar New Year holidays.
Source: CoinDesk/CryptoCompare

In the broader cryptocurrency market, gaming tokens rallied over the weekend, while the majority of the market remained quiet. At the time of writing, data from Messari shows that prices of gala (GALA), axie infinity (AXS), and decentraland (MANA) were up by double digit percentage in the past 24 hours.

Technician’s take

Bitcoin Attempts to Break Downtrend; Faces Resistance Toward $45K

Bitcoin (BTC) buyers were active over the past 24 hours as the cryptocurrency topped $40,000 for the first time in two weeks. Upside momentum is improving after technical indicators reached the most oversold levels since March 2020.

Buyers will need to make a decisive move above $40,000 in order to reverse the price downtrend since the November peak around $69,000. Over the past few months, brief rallies have been capped below resistance levels, which means sellers have been in control.

Over the short term, however, bitcoin could see additional upside, especially since the relative strength index (RSI) is not overbought on the daily chart. The next level of resistance is around $45,000, which could stall the current rally.

Bitcoin’s price will need to remain above $37,000 over the weekend in order to signal the start of a recovery phase. Still, significant price gains are unlikely if negative momentum signals are confirmed on the monthly chart.

Technical confirmation requires at least two consecutive daily or weekly price closes above or below a major support/resistance level. When gains or losses are carried over into the following trading session it may reflect conviction among buyers and sellers, leading to more reliable price targets.

 

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