Bitcoin is weakening again and slipping below $24,000 although Wall Street futures are trading slightly higher today, and the FOMC minutes failed to significantly worsen market sentiment.
- The Tezos cryptocurrency, which announced a partnership with Google Cloud yesterday, is having trouble sustaining gains against a weak BTC;
- Ark Invest fund, managed by Cathie Wood, increased its positions in Coinbase (COIN.US) shares by more than 210,000 shares (about $13.4 million). Earlier this month it acquired 9.2 million shares of the cryptocurrency exchange, whose Q4 2022 results on Tuesday managed to positively surprise Wall Street;
- On-chain data shows a surge in whale transactions in the network of the eighth-largest cryptocurrency, Cardano. The cryptocurrency has gained nearly 50% since the beginning of the year and reported several 'ecosystem milestones' with the introduction of, among others, the algorithmic stablecoin Djed with a declared over 1:1 USD coverage, which is expected to attract large capital looking for a network with a reliable stablecoin.
Source: Santiment
Cardano, M30 interval. Bulls have already lost the battle several times below the zone above $0.4, where the key resistance is currently located. RSI is signaling oversold, the indicator is approaching the level of 30 points where buyers have managed to take control several times in the past. Source: xStation5
The on-hain MVRV indicator measures the price of Bitcoin in relation to the so-called Realized price (the average purchase price of BTC on the blockchain). This can reflect the scale of unrealized profit held by all available supply. The key is the break-even point, around 1.0 (Market Value / Realized Value = 1), which demand has managed to break through. The current MVRV is still very far from overvalued (total unrealized gains are still relatively small), and its rebound so far is consistent with the beginnings of previous BTC bull markets. Source: Glassnode
Bitcoin, M30 interval. The major cryptocurrency is defending the entire upward price structure of recent days, and after slipping below the SMA100 and SMA200, it is holding back the sell-off at $23,700. Source: xStation5
