Bitcoin and Ethereum Bulls Remain Active, CEL Accelerates
Bitcoin price corrected lower below USD 37,000, but the bulls were active near the USD 36,500 level and the price is currently (11:59 UTC) trying to recover above USD 37,200. A clear move above USD 38,000 is a must for an upside continuation.
Similarly, most major altcoins are facing hurdles. ETH is back above USD 2,500, but there is a major resistance near USD 2,620. XRP is consolidating below the USD 0.60 resistance zone. ADA bulls are protecting the key USD 1.00 support zone.
Total market capitalization
After a downside correction, bitcoin price found support near the USD 36,500 level. BTC started a decent increase and climbed above USD 37,000. An initial resistance is near the USD 37,500 level. The next major resistance is near USD 38,000, above which the price might rise towards the USD 38,500 level in the near term.
On the downside, an initial support is near the USD 36,500 level. The next major support is near USD 36,000, below which the price might start a stronger decline.
"We are already starting to see the [BTC perpetual futures] funding rate go into negative territory. Should it remain so for a few days or weeks, this could indicate that the market is settling down. But we expect the crypto market to remain sensitive to significant changes in macro expectation in the short-term, both on the positive and negative side," Florian Ginez, Associate Director at WisdomTree, said in a note.
"This rate is positive the vast majority of the time. It only turns negative under strong shorting pressure. Historically, it’s been a reasonably good indicator that the market was close to a bottom, although the history available for this metric is quite limited," Ginez added.
Ethereum price found support above the USD 2,450 level.
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