Bitcoin’s final boss approaches… ‘tread carefully’; Grimes tweets (3,3) meme

Bitcoin is trading close to its all-time high, with the first-ever US Bitcoin ETF set to begin trading this week.  One sentiment index is reading “extreme greed”. One technical analyst is wary of a pullback.

Sydney-based City Index analyst Tony Sycamore, who’s been bullish for weeks, says that “the easy money that followed the rally from below $40,000 has now been taken off the table”.

“While we remain medium-term bullish, we are now neutral Bitcoin looking to rebuy a corrective pullback in the short term,” he wrote in his morning note. “The same goes for Ethereum.”

At lunchtime (Sydney time), BTC was trading for US$62,436, up 2.4 per cent from yesterday, after briefly dipping below US$60,000 around 8am. Bitcoin traded briefly above US$62,000 twice on Saturday, but otherwise hasn’t breached that level since May.

$BTC: The Final Boss Approaches

Tread carefully#Bitcoin pic.twitter.com/2Sw5SY3as1

— Altcoin Sherpa (@AltcoinSherpa) October 16, 2021

Ethereum was changing hands for US$3,868, basically flat from yesterday.
 

Crypto market up 1.6%

Overall the crypto market was at US$2.62 trillion, up 1.6 per cent from yesterday, although more than 50 of the top 100 tokens were in the red.

Olympus DAO has been the biggest loser in the top 100, dipping 11.1 per cent to US$833 after a recent red-hot run. Currently the No. 67 crypto, Olympus is trying to become a decentralised “reserve currency”, backed by other crypto assets. It is currently paying 8,398 per cent APY for those who stake the OHM tokens.

Yesterday, Elon Musk’s ex Grimes tweeted the obscure (3,3) crypto meme associated with the project. (In a nutshell, it means that the best possible outcome for all OHM holders is to stake the tokens, represented by a 3).

(3,3)

— Grimes ᚷᚱᛁᛗᛖᛋ (@Grimezsz) October 17, 2021

Stacks has been the best performer in the top 100, rising 16.6 per cent to US$2.35, followed by Zcash. The privacy coin is up 10.6 per cent to US$140.19.

Popsicle Finance token ICE, the No. 219 crypto, set an all-time high of $26.26 earlier this morning, as did PLEX yesterday.