Bitcoin (BTC) is showing signs of recovery following a surprisingly bearish reaction to the spot-bitcoin exchange-traded fund approvals granted by the US Securities and Exchange Commission (SEC) earlier this month.
Bitcoin tanked more than 21% in the first two weeks after the SEC gave the nod to 11 bitcoin ETFs, in a ‘sell-the-news’ move that took the market by surprise.
But Friday’s 4.6% rebound was complimented by another 0.7% recovery on Saturday, while Sunday trades were effectively flat despite intraday volatility.
BTC/USD has barely moved again this morning, with the pair managing to keep its head above $42,000 at the time of writing.
The 50-day moving average trendline has proved to be a hardy resistance line, with bitcoin being firmly rejected at this barrier on Sunday.
This places $43,000 as the near-term target for the bitcoin bulls to surmount if they hope to retest $50,000.
The 50-day MA (pink) emerges as bitcoin’s resistance point – Source: binance.com
Ethereum (ETH), the second-largest cryptocurrency on the market, lost half a percentage point to the US dollar on Sunday, though it recovered slightly this morning.
At the time of writing, the ETH/USD pair was swapping for $2,260, marking a 6% week-on-week decline against bitcoin’s 3% climb.
In the wider altcoin space, Solana (SOL) and Avalanche (AVAX) have pulled ahead with 9% and 12% week-on-week respective gains, while BNB, Ripple (XRP), Cardano (ADA)and Dogecoin (DOGE) remain in the red.
Global cryptocurrency market capitalisation currently stands at $1.62 trillion, with bitcoin dominance at 52.4%.
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