Market Wrap: Bitcoin, Ether Gain After Visa Deal as Stocks Struggle With Archegos Margin Call
The quick recovery to near $58,000 demonstrates stronger confidence from investors in the oldest and largest cryptocurrency.
Philip Gradwell of Chainalysis said on CoinDesk TV that “relatively little” ether was bought above $1,850 and even less was bought at $2,000 or above.
The oldest cryptocurrency is looking at a price support level around $54,000, with resistance around $60,000.
Cryptocurrency markets will likely stay under sell pressure for the next few weeks, but data points indicate this bear market may be short-lived.
Bitcoin traders are increasing their bullish bets in futures markets – and taking more risk.
$60K is a key psychological level that has also proven a formidable stopping point during this year’s powerful rally.