Bitcoin (BTC) showed further signs of entering a sideways trading channel on Monday, with the BTC/USDT pair creeping 0.3% higher by the session’s close.
The pair added another half a percentage point in early Tuesday exchanges, bringing it square in line with the 50-day moving average (MA) just below the $43,000 price point.
The 50-day MA, which represents the average closing price of the past 50 trading sessions, has emerged as a key resistance point for the bitcoin bulls to overcome, having closed on or near the trend line for the past nine days.
Traders often use the 50-day MA to place their sell orders, making $43,000 a hotly contested price point in the bitcoin spot markets at the moment.
Bitcoin is slightly down week on week – Source: tradingview.com
Ethereum (ETH) closed half a percentage higher against the US dollar on Monday before ramping up another 1.2% this morning.
The ETH/USD pair was changing hands for $2,329 at the time of writing.
In the broader altcoin space, most of the blue chips lost ground overnight, with BNB, Solana (SOL), Ripple (XRP), Cardano (ADA) and Avalanche (AVAX) falling in the low single digits.
Chainlink (LINK) has emerged as a top altcoin performer, adding nearly 6% overnight, bringing its week-on-week rally above 25%.
Global cryptocurrency market capitalisation currently stands at $1.65 trillion, with bitcoin dominance unchanged at 52.6%.
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