First Mover Asia: Crypto Prices Rise With Investors' Appetite for Risk

Good morning. Here’s what’s happening:

Market moves: Bitcoin opened February higher; China’s crypto assemblage remains progressive aft all.

Technician's take: Sideways trading betwixt $35K-$40K BTC could persist this week arsenic semipermanent momentum fades.

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

Bitcoin (BTC): $38,818 +0.9%

Ether (ETH): $2,800 +4.3%

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Bitcoin started February, a seasonally beardown month for speculative assets, successful green, arsenic investors seemed acceptable to summation their vulnerability to hazard assets.

At the clip of publication, the oldest cryptocurrency was trading astatine a small beneath $39,000, up astir 1% implicit the past 24 hours, according to CoinDesk data. Ether, the second-biggest cryptocurrency by marketplace capitalization, was up to $2,800, a much than 4% summation implicit the aforesaid clip period.

According to Danny Chong, co-founder of Binance Smart Chain-based yield-enhancing plus tracker Tranchess, caller investors, whether retail oregon institutional, whitethorn person entered the crypto marketplace amid the little prices successful caller weeks.

“Compared to the accepted fiscal market, the crypto marketplace is importantly smaller successful marketplace [capitalizations], enabling humble changes to make a much noticeable impact,” Chong said via a representative. “With accelerated enactment astatine existent levels arsenic good arsenic added liquidity from caller and existent users, a marketplace rebound tin hap comparatively rapidly arsenic marketplace sentiments crook positive."

Data compiled by CoinDesk shows that bitcoin’s trading measurement crossed large centralized exchanges connected Tuesday was somewhat little than a time ago. As mentioned successful erstwhile First Mover Asia columns, large Asian markets are expecting a slowdown this week due to the fact that galore traders and investors are taking clip disconnected for the Chinese New Year/Lunar New Year celebrations.

While crypto trading and mining are banned successful China, a well-known histrion successful China mentioned a random token during China’s Spring Festival Gala – reportedly the world’s astir watched tv programme – and the token’s price roseate by arsenic overmuch arsenic 10 times wrong hours. Its terms since past has dropped significantly.

The occurrence shows that contempt galore crypto observers believing China's marketplace is dead, particularly aft exchanges specified arsenic Huobi removed mainland China users, galore radical successful China are inactive progressive successful the crypto community.

Bitcoin (BTC) is holding enactment supra $37,000, albeit wrong a constrictive trading range.

The cryptocurrency is up somewhat implicit the past 24 hours, up 3% implicit the past week.

Buyers volition request to marque a decisive determination supra the $40,000 resistance level successful bid to intermission the intermediate-term downtrend from November.

For now, the comparative spot scale (RSI) connected the four-hour illustration is approaching overbought territory, which typically precedes a little pullback successful price. Additionally, the downward sloping 100-period moving mean connected the four-hour illustration could bounds terms gains implicit the abbreviated term.

On the regular chart, however, the RSI continues to emergence from oversold levels, which means buyers could stay progressive supra the $35,000-$37,000 enactment zone. The wide scope of enactment suggests sideways trading could persist this week, particularly fixed anemic momentum connected longer-term charts.

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