First Mover Americas: Once-Bouncing Bitcoin Now Just Rolls Like Ball

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Price Point

Bitcoin (BTC) and ether (ETH) both started the day trading down on Tuesday, with traditional markets still in the lurch.

The CoinDesk Market Index slipped 0.7% over the past 24 hours. Bitcoin lost 1.5%, hovering just above the $19,000 mark, and ether fell 2.3%. Stock futures fell and bonds sold off. European shares declined for a fifth straight day.

Altcoins took a larger hit, with Ethereum Classic (ETC) down 8.5%, NEAR protocol down by 8% and XRP by 6%.

Crypto funds saw outflows totalling $5 million last week, fueled by sizable redemption from “short” investment products, or those designed to profit from price declines, according to data from CoinShares.

Bitcoin witnessed a fourth consecutive week of inflows totaling $12 million, while short-bitcoin investment products saw outlaws totaling a record $15 million.

CoinDesk Market Index

Biggest Gainers

Asset Ticker Returns DACS Sector
Injective INJ +7.43% DeFi
Ribbon Finance RBN +4.36% DeFi
Celsius CEL +4.09% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
Request REQ -6.25% Currency
LCX LCX -5.07% Currency
Stellar XLM -4.99% Currency

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.

Chart of the Day

Bitcoin Bouncing Ball

Bitcoin's price structure looks similar to 2018. (TradingView)

By Omkar Godbole

  • Bitcoin's price structure resembles the path of a dropped ball that bounced off the floor.
  • The ball is losing energy with every bounce from price support (around $18K) and could soon fizzle into a flat forward roll.
  • The longer the flat forward roll continues, the bigger the risk of gravity eventually taking a toll as it did in November 2018.