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Market Moves: Bitcoin Regains Poise
Technician's Take: Bitcoin Stabilizes After Weekend Sell-Off; Resistance Around $58K

Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests:

Dan Burstein, Paxos General Counsel & Chief Compliance Officer
Kapil Rathi, CrossTower CEO
Howard Wu, Dekrypt Capital Co-Founder

These are the biggest movers in the CoinDesk 20 over the past 24 hours:

Gainers:

XRP (XPR): +12.5%
Tezos (XTZ): +12.4%
Cosmos (ATOM): +11.1%

Losers:

None of the CoinDesk 20 assets is down today.

The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.

Bitcoin Regains Poise

Bitcoin has risen to $53,000, recovering 35% of the decline from $64,800 to nearly $47,000 seen in the past 12 days.
The move higher comes after two straight weekly losses, which took out the froth from the derivatives market, leaving it in a much healthier state.

Bitcoin's price, April 19 - 26, 2021 (Source: CoinDesk)

The sell-off also pushed the daily chart relative strength index (RSI) into oversold conditions for the first time since March 2020. Therefore, the latest bounce could be chart-driven.
The options market still shows bias for short-term puts with one-week put-call skew hovering above zero. However, the metric has come off sharply to 6% from highs above 7% seen last week. According to some analysts, it’s a sign the market has bottomed out.
Put-call skews measure the cost of puts or bearish bets relative to that of calls.

Polygon Leads Bitcoin and Ether as Crypto Market Rebounds

MATIC, the native token of Polygon Network, is leading the crypto market higher on Monday as investors look to layer 2 scaling solutions amid continued stress on Ethereum’s network.

Messari data shows MATIC has risen by 40% in the past 24 hours, hitting 6.5-week highs above $0.50 and is up more than 2,500% on a year-to-date basis. Top coins such as bitcoin and ether have gained 8% and 10%, respectively, in the past 24 hours.

MATIC, now ranked 49th as per market capitalization, rose 5% last week even though broader markets faced selling pressure on fears of capital gains tax hike in the U.S.

One-month MATIC price chart (Source: TradingView)

Record activity on Ethereum has led to network congestion and high transaction costs this year. As such, there has been an increase in demand for Ethereum’s rival Binance Smart Chain and scaling projects such as Polygon, which provides faster and cheaper transactions on Ethereum using Layer 2 sidechains – blockchains that run alongside the Ethereum main chain.

In recent weeks, Polygon’s adoption has surged, with top names from the world of decentralized finance (DeFi) announcing integration with the layer 2 scaling solution in a bid to bypass congestion and high fees on Ethereum’s network.

Read the original story here:

Polygon Leads Bitcoin and Ether as Crypto Market Rebounds

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Bitcoin Stabilizes After Weekend Sell-Off; Resistance Around $58K

Bitcoin (BTC) is holding support above $50,000 after reaching oversold levels last week. The cryptocurrency was trading around $53,400 at press time. The next resistance level is roughly 8% higher around $58,000.

Four-hour BTC chart shows support and resistance levels with RSI (Source: TradingView)

BTC had a near 5% sell-off around $47,000 on April 25, although buyers were quick to settle prices back above the $50,000 mark.
The relative strength index (RSI) on the four-hour chart registered an oversold reading on April 17 and made a higher low on April 23. This bullish divergence could keep buyers active towards the next level of resistance around $56,000-$58,000.
BTC is attempting to break above a series of lower price highs from April 14, which could stabilize the short-term downtrend.
On the daily chart, BTC held support at the 100-day moving average after the RSI reached oversold levels for the first time since September 2020. The weekly RSI is still receding from extreme overbought levels.

Original story found here:

Bitcoin Stabilizes After Weekend Sell-Off; Resistance Around $58K

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A message from CoinDesk

CoinDesk's Quarterly Review Webinar Series

The suits are here to stay, but retail isn’t going away. While Q1 saw the emergence of retail investors as a market driver, crypto caught explosive interest through non-fungible tokens from investors, celebrities and the general public.

Every Monday at 11:30 a.m. ET, crypto analysts Noelle Acheson and Christine Kim will discuss the performance and milestones of bitcoin and ether compared to macro and other crypto assets, along with important developments in the emerging DeFi and NFT sectors.

Each episode in this four-part series will reference key findings from the latest CoinDesk Quarterly Review report and a live Q&A.

Sign up for CoinDesk's Quarterly Review Webinar Series, every Monday from April 12.

In case you missed it, here's the most recent episode of "First Mover" on CoinDesk TV:

A Second Crypto Market Sell-Off This Week: Why?

Bitcoin slipped below the key psychological level of $50k, but why has it suffered a second major sell-off this week? "First Mover" dives into the markets with our guests Kyle Samani of Multicoin Capital and BlockFi's Zac Prince, who also explains what's going on in the crypto lending sector. Plus, Gil Hildebrand of Gilded with answers to crypto accounting questions.

Insurance Alternative Nexus Mutual Follows DeFi Activity to Polkadot, Cosmos, Binance Smart Chain

The Ethereum-based platform for covering losses from DeFi hacks and other flubs is expanding to other chains.
Microsoft, Apple, Microstrategy to be Listed on Binance as Tokenized Stocks

Binance users will soon be able to gain exposure via the exchange's stock tokens.
PancakeSwap, Uniswap, SushiSwap and More: What to Consider When Parking Crypto in a DeFi Exchange
Decentralized finance (DeFi) allows strangers on the internet to earn money much the same way bankers do, by earning fees on financial services.
Former Bithumb Korea Chairman Handed Over to Prosecutors

The handing over by police to prosecutors may mean the investigation is beginning to intensify.
Tether Passes $50B Market Cap

The world’s largest stablecoin last week received a boost by being listed on Coinbase Pro.
JPMorgan to Let Clients Invest in Bitcoin Fund for First Time: Sources

The JPMorgan bitcoin fund could roll out as soon as this summer, sources tell CoinDesk. NYDIG will be the fund’s custody provider.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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