Bitcoin (BTC/USD) and Ethereum (ETH/USD) Price, Analysis and Chart:
- Bitcoin[1] (BTC) just misses trading at $36,000
- Ethereum[2] building an impressive series of higher lows.
- FCA ban on cryptocurrency derivatives comes into force today.
Bitcoin printed a fresh all-time high of $35,854 earlier in the session before slipping back below $35,000. Volume in the last 24 hours is just over $68 billion, according to data from CoinMarketCap, which also recorded a higher high of $36,361 as prices between different trading venues splinter. Market volatility, as measured by the ATR indicator, is now at its highest level on record, with a current reading of just under $2,200 on a 14-day basis. With buying interest continuing to drive the market, any sell-offs of set-backs will be seen as another opportunity to enter a market that, at the moment, is pushing relentlessly higher. As always with the crypto space, care should be taken, especially with volatility at its current extreme level.
Bitcoin (BTC/USD) Daily Price Chart (June – January 6, 2021)
Retail trader data show 75.72% of traders are net-long with the ratio of traders long to short at 3.12 to 1. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Bitcoin prices may continue to fall.Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Bitcoin trading bias.
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Ethereum continues to ride the wave higher and a break and close above Monday’s $1,167 high will open the door for a potential
