First Mover Asia: Bitcoin Barely Budges in Weekend Trading

Good morning. Here’s what’s happening:

Market moves: Bitcoin moved small arsenic large markets successful Asia caput into the weeklong lunar New Year break.

Technician's take: BTC is stabilizing betwixt $30K and $40K arsenic oversold conditions stay intact.

Catch the latest episodes of CoinDesk TV for insightful interviews with crypto manufacture leaders and analysis.

Bitcoin (BTC): $38,033 +0.1%

Ether (ETH): $2,617 +1.1%

Bitcoin moved small implicit the play with airy trading volume, arsenic the bulk of the markets successful Asia caput to the weeklong Lunar New Year holiday.

At the clip of publication, the oldest cryptocurrency is changing hands astatine implicit $38,100, up somewhat implicit the past 24 hours, according to CoinDesk data. Ether, the 2nd biggest cryptocurrency by marketplace capitalization, was trading implicit $2,600 up somewhat implicit the aforesaid period.

Data compiled by CoinDesk shows that bitcoin’s trading measurement crossed large crypto exchanges sank importantly implicit the play compared with the past week.

The lunar New Year, besides known arsenic Chinese New Year oregon Spring Festival, is the caller twelvemonth based connected the accepted lunisolar calendar of China. It is celebrated by galore countries successful Asia and the solemnisation usually lasts for weeks. Major banal indexes successful China, Hong Kong, South Korea and Singapore are closed for the Lunar New Year holiday, arsenic astir traders instrumentality the clip disconnected for household reunions.

While the crypto marketplace is 24/7, trading activities successful Asia whitethorn spot immoderate simplification successful the coming week owed to the holidays.

Bitcoin (BTC) buyers person maintained support astatine the Jan. 24 debased of $32,900, and past held supra $35,000 implicit the past fewer days. Short-term momentum is improving connected intraday charts, which could support buyers active.

Still, longer-term indicators are neutral/bearish, which could bounds upside astatine the $40,000-$43,000 resistance zone.

For now, the comparative spot scale (RSI) connected the play illustration is approaching oversold levels, akin to what occurred successful March 2020, which preceded a terms rally. This time, however, the monthly illustration indicates beardown selling unit that could support BTC’s intermediate-term downtrend.

On the regular chart, the RSI has risen from oversold levels since Jan. 22, which could pull short-term buyers.

For confirmation, traders could show the Nasdaq 100 Index of stocks, which has short-term enactment astatine $14,000. An oversold bounce successful accepted markets could beryllium a near-term affirmative for crypto prices arsenic correlations rise.

8:30 a.m. HKT/SGT (12:30 a.m. UTC): Australia backstage assemblage recognition (Dec. MoM/YoY)

1 p.m. HKT/SGT (7 a.m. UTC): Japan operation orders (Dec. YoY)

1 p.m. HKT/SGT (7 a.m. UTC): Japan user assurance scale (Jan. YoY)

1 p.m. HKT/SGT (7 a.m. UTC): Japan lodging starts (Dec. YoY)

6 p.m. HKT/SGT (10 a.m. UTC): Eurostat gross home merchandise s.a. (Q4 MoM/YoY)

"First Mover" hosts spoke with crypto custody steadfast Fireblocks CEO Michael Shaulov and FTX.US President Brett Harrison arsenic some companies person attained $8 cardinal valuations aft their respective backing rounds recently. Plus, CoinDesk concluded its Privacy Week with crypto OG and Electronic Coin Company CEO Zooko Wilcox sharing his insights into the authorities of privateness successful crypto arsenic the manufacture continues to expand.

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