Cryptos Today: Bitcoin Gives in to Confluence of Resistances and Stops Rally; Ethereum sustains high and rises 40% in the week

The digital currency reacted yesterday to optimism in global stock markets after a better-than-expected balance sheet released by investment bank Goldman Sachs, which increased expectations for the earnings season in the United States.

The downturn came hours after the stock market cooled, on the heels of news that Apple will cut hiring and cut expenses, fueling fears of a recession again. As a result, BTC did not have enough strength to overcome key price levels.

“We hit the resistance that coincides with the 200-week weekly average, very close to the eight-week exponential average, as well as coinciding with the daily resistance on the liquidity bands chart — which is still the three-day resistance of the point fall”, commented trader and investor Vinícius Terranova in participation yesterday in Cripto+.

For the specialist, however, the indicators continue to show mixed signals. “There was a rejection of the current point, but I don’t necessarily think we’re going to fall. We are still within a bearish flag (negative technical pattern), but Bitcoin is making higher (daily) lows and highs, which tends to demonstrate a bullish market move.”

The consensus among analysts is that Bitcoin may even rise in the short term, but it is still too early to decree that the bear period is over for good.

“I’m optimistic in the short term, one to two weeks, but after that, you have to be cautious because there are still a lot of negative elements coming from the macroeconomic side”, says Hassan Bassiri, vice president of portfolio management at Arca. “And there is still no new capital flowing into the sector.”

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 21,895.16 -1.5%
Ethereum (ETH) US$ 1,531.12 +3.6%
Binance Coin (BNB) US$ 260.08 -0.2%
XRP (XRP) US$ 0.357342 -1.8%
Cardano (ADA) US$ 0.482260 +1.1%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Fantom (FTM) US$ 0.326476 +14.6%
Near (NEAR) $4.36 +10.2%
Ethereum Classic (ETC) $24.75 +8.3%
DAO Curve (CRV) $1.27 +8%
Flow $1.81 +7.2%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Read DAO (LDO) $1.47 -11.8%
Elrond (EGLD) US$ 58.55 -6.9%
Arweave (AR) US$ 15.80 -6.8%
Theta Fuel (TFUEL) US$ 0.061108 -5.7%
ApeCoin (APE) $5.76 -5.2%

Check out how cryptocurrency ETFs closed on the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 20.40 +4.61%
Hashdex BTCN (BITH11) BRL 27.61 +0.5%
Hashdex Ethereum (ETHE11) BRL 23.30 +15.74%
Hashdex DeFi (DEFI11) BRL 24.73 +7.89%
Hashdex Smart Contract Platform FI (WEB311) BRL 21.76 +6.77%
QR Bitcoin (QBTC11) BRL 7.30 +0.68%
QR Ether (QETH11) BRL 5.70 +14.45%
QR DeFi (QDFI11) BRL 4.59 +4.79%
Crypto20 EMPCI (CRPT11) BRL 5.75 +7.67%
Invest NFTSCI (NFTS11) BRL 31.20 +15.34%

See the main crypto market news for this Tuesday (19):

Derivatives signal Ethereum’s strength for the first time in 6 months

The Ethereum (ETH) options market turned to the upside on Monday, showing an ETH token strength bias for the first time in over six months.

The distortion between puts and calls (calls) with a six-month maturity, which measures the cost of puts (bets down) in relation to calls (bets up), dropped below zero, to – 4%, the lowest since January 3, according to data compiled by analytics platform Skew.

The negative turn indicates that the premium paid by call buyers in exchange for protection against bullish moves over six months is now greater than the cost paid by option buyers who provide “insurance” against bearish moves.

Dubai announces plan to attract metaverse companies

Dubai, the most populous city in the UAE, wants to become one of the top 10 economies in the world’s metaverse.

A plan dubbed the “Dubai Metaverse Strategy” was unveiled yesterday with the aim of attracting more than 1,000 blockchain and metaverse companies to the city, as well as supporting more than 40,000 virtual jobs by 2030.

“This will further boost Dubai’s economy, supporting the UAE government’s vision to increase the number of blockchain companies by five times the current number,” said an announcement published in the country’s official news agency.

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