Chart of the Day
Risk assets are facing lower ceilings as DXY breaks above the 110 handle and hits a new high in nearly two decades. In the broader crypto market, consolidation continues as BTC oscilates within a narrow range for the ninth consecutive day. As of the time of writing, the largest cryptocurrency by market cap is changing hands slightly below the $20k threshold, after posting marginal gains over the last 24 hours. A key bullish trend line with support near $19.7k is taking shape on the hourly chart. A mini bullish momentum seems to set in progress unless there is a dip below the $19.5k to $19.6k support zone. On-chain metrics show that whales, those with more than 10k BTC holdings, have distributed near the range highs of $24.5k, taking any exit liquidity presented by the market amid macro uncertainties. The lack of demand from smart money contributes to the widespread exhaustion in the market. Bybit blog reports.
Meanwhile, ETH is well-bid above the $1,600 handle after experiencing a 6% increase over the same period on the back of Merge-related momentum. On the upside, the second-largest cryptocurrency by market cap is facing an immediate resistance zone between $1,650 and $1,680. A clear break out above this zone would send the price higher, even above $1,700. Alternatively, it may kickstart a downside correction to test support near the $1,550 level. Most major altcoins have flipped green, with ETC leading the pack on a staggering 26% increase on the back of the network’s hash rate boom ahead of the upcoming Merge.
Talk of the Town
Privacy has been one of the top concerns in the crypto industry amid rising surveillance from major financial watchdogs. Trezor, the company behind one of the most popular crypto wallets in the space, has joined hands with privacy project Wasabi, to bring a coin mixer, Coinjoin, to BTC transactions on its hardware wallet. The partnership will enable Trezor users to send private coins directly from cold storage.
Crypto & blockchain articles are created with the support of ByBit – leading crypto platform.