Investors have been selling bitcoin for the past week, according to on-chain data. Meanwhile, ether’s daily trading volumes have consistently outpaced BTC’s.
- Bitcoin (BTC) trading around $35,987 as of 21:00 UTC (4 p.m. ET). In the red 2.5% over the previous 24 hours.
- Bitcoin’s 24-hour range: $35,754-$37,833 (CoinDesk 20)
- Ether (ETH) trading around $2,549 as of 21:00 UTC (4 p.m. ET). Losing 3.2% over the previous 24 hours.
- Ether’s 24-hour range: $2,532-$2,734 (CoinDesk 20)
Bearish bitcoin signal
Bitcoin, the world’s largest cryptocurrency by market capitalization, was below the 10-hour moving average and the 50-hour as the two indicators are closing in on each other, a bearish signal for market technicians.
BTC’s price slid from $37,833 at 01:00 UTC (9 p.m. ET Monday) to as low as $35,816 by 17:15 UTC (1:15 p.m. ET) Tuesday, a 5.3% tumble based on CoinDesk 20 data, before rising to $35,987 as of press time.
“Bitcoin is newly oversold from an intermediate-term perspective,” said technical analyst Katie Stockton in her weekly Fairlead Strategies investor note.
Source Code : https://www.coindesk.com/market-wrap-oversold-bitcoin-down-35k-eth-drops-2-5k