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Market Moves: Bitcoin in Stasis as Crypto Bull Mike Novogratz Warns of Market Washout
Technician's Take: Bitcoin Struggles Around All-Time High Resistance; Support Within Reach

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Gainers:

Chainlink (LINK): +7.7%
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XRP (XRP): -9.3%
EOS (EOS): -4.6%
Tezos (XTZ): -3.9%

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Bitcoin in Stasis as Crypto Bull Mike Novogratz Warns of Market Washout

Bitcoin sits still near $62,500 and well within Wednesday's price range amid concerns of a broader market pullback in the wake of Coinbase listing on Nasdaq.
"I've seen a lot of weird coins like dogecoin and even XRP have huge retail spikes, which means there's a lot of frenzy right now," bitcoin bull and CEO of Galaxy Digital Mike Novogratz told MarketWatch. "That never ends well, and so we'll probably have a washout at one point."
Novogratz remains bullish on bitcoin and the cryptocurrency industry as a whole and foresees bitcoin at $500,000 by 2024.
The U.S.-based cryptocurrency exchange Coinbase's shares (COIN) went live on Nasdaq on Wednesday, rising as high as $429.54 before closing the day at $328.
Bitcoin broke out of its multi-week consolidation below $60,000 in the days leading up to the highly anticipated listing widely touted as a watershed moment for the cryptocurrency industry and clocked a record high of $64,801.79 on Wednesday.
Corporate treasury money has been flowing into bitcoin mainly via Coinbase.

Bitcoin's daily chart on Coinbase (Source: TradingView)

XRP, dogecoin, and few other cryptocurrencies, also rallied despite not being listed on Coinbase. XRP picked up a bid near $0.60 on April 5 and clocked a three-year high of $1.90 on Wednesday – a 220% gain in nine days. Dogecoin has surged by 85% in the past three days.
As per Novogratz, that shows Coinbase's listing on Nasdaq created a lot of euphoria – a point of maximum financial risk where investors, primarily retailers, think good times will continue unchecked. It's usually the time when the market sees a temporary correction.
Coinbase's shares witnessed a two-way business or indecisive price action on the first day of trading, as noted earlier. If the share price drops in the coming days, the cryptocurrency may test $58,820, according to crypto exchange Equos. Dips, however, are likely to be shallow.
Data released earlier this week showed the U.S. headline inflation rose to a 12-month pace of 2.6% in March, strengthening the case for continued investments in store of value assets such as bitcoin and gold.

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Bitcoin in Stasis as Crypto Bull Mike Novogratz Warns of Market Washout

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Bitcoin Struggles Around All-Time High Resistance; Support Within Reach

Profit taking continued during Asia hours, pressing bitcoin (BTC) down, now about 5% below its all-time high just shy of $65,000. The cryptocurrency is trading around $62,400 as of press time and support is nearby around $61,000.

Hourly chart showing support and resistance levels with RSI (Source: TradingView)

Buyers are losing strength as upside momentum slows. The relative strength index (RSI) on the hourly chart registered lower highs despite the breakout above $61,000 on Tuesday.
Overbought signals on the RSI typically result in brief pullbacks, such as the 5% drop in BTC back on March 10.
The RSI is not yet oversold, although support near the 200-period moving average on the hourly chart could attract buyers.
The recent all-time high around $64,800 is now resistance; buyers will need to push past this level to resume the long-term uptrend.
Wednesday's re-test of the $61,000 breakout level is constructive and suggests selling pressure will remain limited over the short-term.

Original story found here:

Bitcoin Struggles Around All-Time High Resistance; Support Within Reach

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The Listing of a Lifetime; DCG’s Barry Silbert on Coinbase’s Public Debut

Today's the day Coinbase goes public. Digital Currency Group (DCG) CEO Barry Silbert joins "First Mover" to discuss this milestone in the history of finance. CoinDesk's Chief Content Officer Michael Casey also reflects on this defining moment while we monitor Nasdaq and the start of COIN stock live trading. Plus, markets analysis with Stacks CEO Muneeb Ali and Transform Group CEO Michael Terpin as bitcoin, ether and other cryptos soar to new all-time highs.

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Investor Momentum to NFT Boom: CoinDesk Research's Quarterly Review

Introducing CoinDesk Research's quarterly review, covering the main developments over the first three months of 2021 in Bitcoin, Ethereum, DeFi, stablecoins and – of course – NFTs.

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A "Buy Back and Build" proposal approved in January aims to bolster the project's treasury and generate value for all stakeholders.
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Three Ark ETF funds bought over 749,000 shares of COIN.
Japanese Internet Giant Taps Zero Hash for Settlement in Yen, US Dollar Stablecoins

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