Bitcoin Above $47K, up 7% on Coinbase Plans

Everything you need to make sense of the crypto markets and beyond

By the CoinDesk Markets Team

Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets

August 20, 2021

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Bitcoin (BTC)

+6.2% $47,218

Ether (ETH)

+7.6% $3,217

(Price data as of August 20 @ 11:00 UTC)

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Market Moves

by Sebastian Sinclair

Bitcoin Jumps 6%, Edges Above $47K

Bitcoin is up more than 6% on the day after breaching $47,000 on the back of strong buyer demand.

The world’s largest crypto has hit a 24-hour high of $47,359 and is now posting a 62.2% year-to-date return, CoinDesk data shows. Current prices are resting just above the $47,000 price tag with one BTC fetching roughly $47,100.

“What we’re seeing are market participants testing this level and reacting to the positive news from Coinbase,” said Daniel Kim, head of capital markets at Australia-based decentralized lending company Maple Finance.

BTC/USD Daily Chart (Source: TradingView)

Hourly spot volume across multiple exchanges also clocked the highest point in a week (Aug. 13), meanwhile, daily volume on Thursday registered higher volume than the day prior confirming the upward momentum.

“We’ve been hearing commentary that hedge funds were viewing $45,000-$50,000 as a key level for it to be a ‘bitcoin market,’ Kim said. “Over the past 2 weeks, we’ve seen our institutional USDC borrowing demand significantly grow.”

Other cryptos in the top 20 by market cap have also jumped considerably with cardano (ADA), ether (ETH), polkadot (DOT), uniswap (UNI), and polygon (MATIC) having clocked the largest gains over a 24-hour period.

Read the original story here:

Bitcoin Jumps 6% Edging Above $47K on Strong Buyer Demand

Technician's Take

by Damanick Dantes, CMT

Bitcoin Holds Support at $45K; Faces Resistance at $50K

Bitcoin (BTC) rose about 6% over the past 24 hours as buyers defended support at the 200-day moving average around $45,000. The cryptocurrency was trading around $47,200 at press time and faces initial resistance near $50,000.

The breakout above $42,000 earlier this month stalled as short-term overbought conditions appeared on the charts. Buyers will likely remain active on pullbacks into the weekend.

Bitcoin daily price chart shows support and resistance levels with RSI. (Source: TradingView)

Read the original story here:

Bitcoin Holds Support at $45K; Faces Resistance at $50K

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Find out more at coindesk.com/indexes/dfx, or email [email protected].

ICYMI

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

Poly Network Hacker Refusing to Return Remaining Stolen Funds, Japan’s Liquid Exchange Suffers Attack and Loses $90M Worth of Crypto

"First Mover" looks into the DeFi hack and the latest attack on the Japanese exchange Liquid. Joseph McGill of TRM Labs' Global Investigations Team shares insight into crypto hacks. Plus, markets analysis from Messari Founder and CEO Ryan Selkis.

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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