Bitcoin moved little on light weekend volume, while prices of gaming tokens spiked. MuyaoShen, DantesOutlook report.
Bitcoin moved little on Sunday after another weekend with light volume, while tokens associated with gaming saw a price bump.in the past 24 hours, according to CoinDesk data. Ether, the second biggest cryptocurrency by market capitalization, isAccording to data compiled by CoinDesk, bitcoin’s trading volume across major centralized exchanges on the weekend was down significantly from Friday, but in line with most weekdays in the past week.
Buyers will need to make a decisive move above $40,000 in order to reverse the price downtrend since the November peak around $69,000. Over the past few months, brief rallies have been capped below resistance levels, which means sellers have been in control. Over the short term, however, bitcoin could see additional upside, especially since the relative strength index is not overbought on the daily chart. The next level of resistance is around $45,000, which could stall the current rally.
Bitcoin's price will need to remain above $37,000 over the weekend in order to signal the start of a recovery phase. Still, significant price gains are unlikely if negative momentum signals are confirmed on the monthly chart. Technical confirmation requires at least two consecutive daily or weekly price closes above or below a major support/resistance level. When gains or losses are carried over into the following trading session it may reflect conviction among buyers and sellers, leading to more reliable price targets.9:45 a.m. HKT/SGT : China purchasing managers index CoinDesk TV
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