Bitcoin

Bitcoin rose for the first time in three days as traders saw the expiration of last Friday’s record $ 6,000,000 option contracts in a strong market the following week as April begins.

Fundstrate strategist David Grider told clients in an email, “Returns have turned positive after the expiration dates of prior bitcoin options.” The market is quiet based on falling bitcoin VIX [a volatility index], with room to fall further. For.”

BTC was changing hands at around $ 52,700 as of 12:03 UTC (8:04 a.m ET), up 2.9% on the day.

  • An oversold signal on Thursday about an 8% increase in bitcoin (see chart). The next level of resistance is around $ 55,000- $ 56,000 which can limit upside movements.
  • Previous oversold signals on the hourly Relative Strength Index (RSI) resulted in a 5% –8% price recovery. However, sellers have been active at key resistance levels this month.
  • Bitcoin’s uptrend continues to weaken after breaking below trend support on the four-hour chart.
  • The hourly chart remains in a downtrend defined by low price highs as traders continue to benefit from the intraday recovery.
  • So far, buyers are defending support of around $ 50,000. Additional sales pressure may stabilize around lower support at $ 42,000.

On the fundamental side, uncertainty over vaccine rollout across Europe renewed lockdown, and underperformance of Asian stocks overshadowed risk assets this month.

Elsewhere in the cryptocurrency universe, lending markets are heating up after BlockFI cut rates. Matthew Ballensweig, head of debt at Genesis Trading, wrote in a March 24 tweet, “There is simply too much BTC supply for that BTC looking for yields relative to institutional demand.” There are limited ways BTC is still deploying, and this Kind glory 4% – 6% yields on BTC are tied up fast.”

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.