Crypto market pullback ensues amid IreneDAO NFT rush
Is the BTC bottom in? Crypto market sentiment appears to be improving
The crypto market appears to be recovering today after about a week of red price action.
The cryptocurrency market is up around 2.3% today, with its total capitalization increasing to $2.75 trillion despite news of regulatory pressure against crypto in India.
BTC is up roughly 3% today and is trading above 58,500 USDT, while ETH is up around 4% and trading around 4,400 USDT at the time of writing. Some of today’s top performers from assets with market capitalizations of over $1 billion include ENS and BAT, up around 23% and 21% in the last 24 hours, respectively.
After about a week of BTC testing the zone between 55,500 USDT and 56,000 USDT for support, the market sentiment appears to have improved today, with most altcoins also in the green along with the market leader.
Filings show Morgan Stanley increased BTC exposure in Q3
As per filings with the U.S. SEC, prominent investment bank Morgan Stanley,
continued to increase its exposure to BTC in this year’s third quarter. The investment bank’s BTC exposure comprises the holdings of its various funds and takes the form of GBTC shares, issued by the Grayscale Bitcoin Trust.
Filings show that the bank increased its GBTC holdings across three funds by an average of around 64% between Q2 and Q3 2021. While the entirety of these holdings roughly stands in excess of $300 million, the continued increase in exposure is a positive sign for the market.
Top altcoin gainers and losers: ENS showing promise
- HDAO/USDT +90.01%
- MON/USDT +83.24%
- FAIR/USDT +39.32%
- EFI/USDT -9.57%
- ITC/USDT -9.71%
- API3/USDT -9.83%
ENS, the token for Ethereum Name Service, is among the top large-cap performers on OKEx today with a gain of around 23% in the last 24 hours. Currently trading above 60 USDT, ENS has come up from lows around 40 USDT since its OKEx listing on Nov. 9, 2021.
BTC technical analysis: Potentially bottomed out for now
BTC appears to have found support around 55,500 USDT for now and is showing signs of a potential attempt at the next resistance, around 60,000 USDT.
While market participants have been waiting for a push down to 52,000–53,000 USDT levels, as of now it appears that BTC may have bottomed out. However, it is key for the market leader to reclaim the long-standing trend (blue line) in the coming days for bullish continuation.
ETH technical analysis: Waiting for BTC
The price of ETH is currently trying to reclaim recent highs but has to overcome two resistance levels on the upside. For now, ETH is likely to wait for BTC to either move up or begin consolidating before it resumes its uptrend.
Not an OKEx trader? Sign up and claim your new joiner bonus.
Subscribe to the OKEx Insights podcast, Send It!
OKEx Insights presents market analyses, in-depth features and curated news from crypto professionals.