Bitcoin’s Shy Uptrend

Market Picture

Bitcoin has added 1.5% over the past seven days, trading at $20.7K at the time of writing. Bitcoin showed impressive upside momentum on Friday, which ran out of steam by Saturday morning near $21.4K levels.

There is a little bit for everyone in this move. The bulls record new, higher local highs and higher lows. On the other hand, the bears see that the recovery in Bitcoin is by no means gaining strength, and the rate remains tightly below the 200-week average.

Ethereum added 0.9% over the week to $1610. Other leading altcoins from the top 10 rose from 3.1% (Cardano) to 11.9% (BNB). Total cryptocurrency market capitalisation, according to CoinMarketCap, rose 2.8% for the week, to $1.05 trillion, but by Monday, had rolled back 1.9% to $1.03. The Cryptocurrency Fear and Greed Index rose 6 points for the week, to 40 and remains in “fear” mode.

News Background

Decentralised application tracking platform DappRadar reported that the number of active cryptocurrency wallets increased by 7% in October compared to the previous month, which may indicate the end of the crypto winter.

According to ForkLog, trading volume on leading cryptocurrency exchanges fell 25% in October to its lowest level since December 2020. Bitcoin miners’ total revenue in October was up 7% compared to the previous month. The share of public miners in the BTC hashtag reached 25%.

The European Parliament has postponed until February next year a final vote on the MiCA cryptocurrency regulation bill. The extensive and technically complex document must be translated into 24 official languages.

Goldman Sachs is partnering with Coin Metrics and MSCI to introduce a tool called Datonomy that allows investors to track cryptocurrency market movements and quickly analyse the digital asset ecosystem.

by FxPro’s Senior Market Analyst Alex Kuptsikevich