Thursday, September 23, 2021

Bitcoin price hits $41K, then rejects after sellers defend the 200-MA

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The general temper of the cryptocurrency ecosystem is muted on June 15 with most altcoins buying and selling flat whereas Bitcoin (BTC) bulls look for a daily close above $41,000 as an indication that the market might be shifting in favor of bulls.

Knowledge from Cointelegraph Markets Pro and TradingView exhibits that inside the previous few hours Bitcoin worth rallied to $41,330 however the breakout was swiftly met by promoting at overhead resistance ranges.

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BTC/USDT 4-hour chart. Supply: TradingView

One other gauge of investor sentiment as highlighted by Rekt Capital is the 200 exponential shifting common (EMA), which Bitcoin tried to surpass on Tuesday however was firmly rejected. 

Bitcoin’s rejection on the 200 EMA was adopted by a fast sell-off to $39,500, exhibiting {that a} potential transfer decrease will not be out of the query.

A couple of altcoins rally on optimistic information

Day by day cryptocurrency market efficiency. Supply: Coin360

Whereas a lot of the altcoin market noticed muted worth motion on June 15, Shiba Inu (SHIB) rallied 33% following the revelation that buying and selling for the token could be supported on Coinbase Professional on June 17.

Following the announcement, Chiliz (CHZ) and KEEP additionally rallied 18% and 10% respectively. 

Icon (ICX) additionally acquired a lift following the release of a brand new Ethereum (ETH) Digital Machine (EVM) appropriate blockchain referred to as ICE. ICE is predicted to change into the applying hub for the Icon challenge and it’ll have its personal native token.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for ICX on June 13, previous to the latest worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of information factors together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. ICX worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating started to show inexperienced on June 12 and ultimately reached a excessive of 75 on June 13, 10 hours earlier than the worth elevated 35% over the following two days.

Different notable altcoin performances embrace a 22% soar from Amp (AMP) and a 20% acquire for iExecRLC (RLC) and Extremely (UOS).

The general cryptocurrency market cap now stands at $1.685 trillion and Bitcoin’s dominance fee is 44.6%.

The views and opinions expressed listed below are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes danger, it is best to conduct your individual analysis when making a choice.