First Mover Asia: Bitcoin Sees Little Movement After Light Weekend Trading

Good morning. Here’s what’s happening:

Market moves: Bitcoin moved small connected airy play volume, portion prices of gaming tokens spiked.

Technician's take: Bitcoin attempts to interruption downtrend; faces absorption toward $45K.

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

Bitcoin (BTC): $42,420 +2.04%

Ether (ETH): $3,036 +0.64%

Bitcoin (BTC) moved small connected Sunday aft different play with airy volume, portion tokens associated with gaming saw a terms bump.

At the property time, the oldest cryptocurrency is changing hands astatine $42,420, up 2.04% successful the past 24 hours, according to CoinDesk data. Ether, the second-biggest cryptocurrency by marketplace capitalization, is up 0.64% to $3,036 in the aforesaid clip period.

According to information compiled by CoinDesk, bitcoin’s trading measurement crossed large centralized exchanges connected the play was down importantly from Friday, but successful enactment with astir weekdays successful the past week. Spot trading measurement was reduced implicit the past week, arsenic large crypto markets successful Asia were disconnected for the Lunar New Year holidays.

In the broader cryptocurrency market, gaming tokens rallied implicit the weekend, portion the bulk of the marketplace remained quiet. At the clip of writing, information from Messari shows the terms of gala (GALA), axie infinity (AXS) and decentraland (MANA) were up by double-digit percentages successful the past 24 hours.

Bitcoin Attempts to Break Downtrend; Faces Resistance Toward $45K

Bitcoin (BTC) buyers were progressive implicit the past 24 hours arsenic the cryptocurrency topped $40,000 for the archetypal clip successful 2 weeks. Upside momentum is improving aft method indicators reached the astir oversold levels since March 2020.

Buyers volition request to marque a decisive determination supra $40,000 successful bid to reverse the terms downtrend since the November highest astir $69,000. Over the past fewer months, little rallies person been capped beneath absorption levels, which means sellers person been successful control.

Over the abbreviated term, however, bitcoin could spot further upside, particularly due to the fact that the comparative spot scale (RSI) is not overbought connected the regular chart. The adjacent level of absorption is astir $45,000, which could stall the existent rally.

Bitcoin's terms volition request to stay supra $37,000 implicit the play successful bid to awesome the commencement of a betterment phase. Still, important terms gains are improbable if antagonistic momentum signals are confirmed connected the monthly chart.

Technical confirmation requires astatine slightest 2 consecutive regular oregon play terms closes supra oregon beneath a large support/resistance level. When gains oregon losses are carried implicit into the pursuing trading league it whitethorn bespeak condemnation among buyers and sellers, starring to much reliable terms targets.

8 a.m. HKT/SGT (12 a.m. UTC): Australia TD Securities estimated ostentation (Dec. YoY)

9:45 a.m. HKT/SGT (1:45 a.m. UTC): China (Caixin) purchasing managers scale (Jan.)

1 p.m. HKT/SGT (5 a.m. UTC): Japan starring economical scale (Dec. prel.)

3 p.m. HKT/SGT (7 a.m. UTC): U.K. Halifax location prices (Jan./3 mos./YoY)

"First Mover" hosts spoke with Stacks Protocol contributor Muneeb Ali arsenic helium launches Trust Machines, an ecosystem of applications to unlock imaginable of bitcoin for Web 3. Former National Basketball Association all-star and serial entrepreneur Baron Davis is launching "More Than Us Venture Studio" to develop, driblet caller non-fungible token (NFT) collections to empower underrepresented communities. Plus, marketplace insights from Peter Marber, main concern serviceman and caput of emerging markets astatine Aperture Investors.

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