Cryptocurrency week at a glance: Tokens trade range-bound amidst regulatory worries
Reuters
The daily time frame chart for Bitcoin indicated that the traded volume has taken a dip when plotted with the 50-day moving average of volume candles.
Synopsis
On the technical front, a huge number of short positions had opened up on BTC. However, there was not much fodder for the bears as the Bitcoin bulls managed to keep the market above the crucial $32,000 price point.
By Edul Patel, ET CONTRIBUTORSLast Updated: Jul 11, 2021, 12:27 PM IST
Bitcoin and its ardent followers had a relatively calm week. Although there were some quick swings on both the lower and higher sides, BTC ended with relatively less volatility. Over the week, Bitcoin made a high of $35,894 and made a week's low just above the $32,000 level. BTC is down by a meager 2.36 per cent for the week.
On the technical front, a huge number of short positions had opened up on BTC. However, there was not much fodder for the bears as the Bitcoin bulls managed to keep the market above the crucial $32,000 price point. The second-largest cryptocurrency and the largest altcoin by market capitalization, Ether, took a larger hit. It is down by 4.52 per cent for the week
The daily time frame chart for Bitcoin indicated that the traded volume has taken a dip when plotted with the 50-day moving average of volume candles. This dip is a major indicator that points to the long-term accumulation of Bitcoin. It causes a shortage of supply of BTC across crypto exchanges. This squeeze in supply can gradually cause a huge bull run if the accumulation continues on its course
Top 5 crypto gainers during the week (as of 11.00 am, July 11, 2021. Source: CoinMarketCap)
Axie Infinity (AXS): 79.6 per cent
KuCoin Token (KCS): 77.85 per cent
Flow (FLOW): 67.28 per cent
Stacks (STX): 65.04 per cent
Synthetix (SNX): 50.49 per cent
Top 5 crypto losers during the week (as of 11.00 am, July 11, 2021. Source: CoinMarketCap)
Telcoin (TEL): 37.14 per cent
Internet Computer (ICP): 20.59 per cent
Celo (CELO): 15.86 per cent
Ethereum (ETC): 14.35 per cent
Dogecoin (DOGE): 13.29 per cent