Bitcoin pushes up from 200-day MA

Bitcoin pushes up from 200-day MA

Market Picture

Crypto market capitalisation rose 3.2% in the last 24 hours to $2.86 trillion, the highest in two and a half weeks. The climb intensified on Sunday and accelerated early in the day on Monday. Technically, the market remains below its 200-day moving average, but the battle for the long-term trend could be the main event on Monday.

Bitcoin appears to have already won that battle of its own, pushing off its 200-day on Sunday and gaining ground on Monday. Prices at $87K repeat last week's peaks. In our view, the bulls defended the long-term uptrend, although the price spent a long time below the key curve. Among the short-term benchmarks for buyers, we highlight $90K, where the significant round mark and the 50-day average are combined.

Ethereum has added over 10% in the last 24 hours, accelerating gains as it returns to the territory above $2000. That said, the second most capitalised coin has been falling for so long and has fallen so low that it will need to exceed $2,300 to break the downtrend of the past three months.

News Background

According to Santiment, the available supply of Ethereum on trading platforms has shrunk to 8.97 million ETH. This is the lowest value since November 2015, which could indicate potential growth due to the reduced supply. BlackRock expects that investor interest in Ethereum may soon recover.

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has lifted economic sanctions on Tornado Cash. Over 100 Ethereum addresses were removed from the sanction’s lists.

Australia presented a plan to develop cryptocurrency legislation in the country. It provides for the creation of a regulated ecosystem that will combine innovation with consumer protection.

Tether, the issuer of the USDT stablecoin, intends to hire one of the Big Four audit firms to verify reserves. According to the head of Tether, this will be much easier after the Donald Trump administration comes to power. Tether was among the seven largest buyers of US Treasury bonds.