Cryptos quiet as Bitcoin holds under make-or-break $44,500 level
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Cryptos have been quiet after yesterday’s bounce, with most of the major coins basically flat as Bitcoin consolidates just below a pivotal resistance point.
BTC was trading at US$44,245, up 0.8 per cent from yesterday.
“I don’t think we’re out of the woods,” Perth-based Think Markets analyst Carl Capolingua told Ausbiz TV this morning, while acknowledging his prediction on Wednesday that BTC would sink to $37,000 had been overtaken by events – namely, that Evergrande making a coupon payment on its bonds.
“But again, the short-term areas now starting to come into play,” Capolingua said, naming US$44,500 to US$45,000 as the key level for the original crypto.
“If we can get above that, then I think this round, it’s got some legs. If we fail around there, it’s another test coming up again.”
Ethereum was changing hands for US$3,059, down 2.3 per cent from yesterday.
Luna, the No. 12 crypto, was the biggest coin to make a double-digit move, rising 13.8 per cent to US$38.05.
Ren was the biggest gainer in the top 100, rising 24.1 per cent to US$1.01. The blockchain interoperability protocol is the No. 92 crypto, according to Coinmarketcap.
— Suide (@Suide2333132343) September 24, 2021
Tezos had climbed 13.5 per cent to US$6.49, and Near Protocol was up 12.6 per cent to $8.76.
@tezos on the move! Now we’re talking! 🚀🚀
— Alex Walsh (@winkle_picker1) September 23, 2021
On the flip side, Maker DAO’s MKR token was the biggest loser, falling 6.6 per cent to US$2,384.
Avalanche was down 5.1 per cent to US$74.14, although that still puts it up 14.7 per cent for the week.