The cryptocurrency sector has made a positive move in the last few hours with a movement driven by Bitcoin being back on the rise.
Bitcoin exits the side channel that had characterized the last few days with an increase that goes beyond $10,800, going to test an important area of long-term dynamic resistance.
It is a movement that, as usually happens, influences the rest of the sector and in fact today sees 75% of cryptocurrencies in positive territory, a sign that also involves the big names.
In fact, among the top 20 capitalized, more than 90% are in positive territory. Only two are in negative, Binance Coin (BNB) and TRON (TRX), down by more than 3%.
In the last period, both of them have been characterized by a countertrend movement compared to the weakness of the others. In particular, BNB has marked some excellent increases in the last weekend.
Among the biggest rises, today stands out Hyperion (HYN), which flies more than 40% followed by NXM with a jump of 30%. It is followed at a distance by Elrond (EGLD) with a respectable jump of about 15% from yesterday morning’s values.
On the opposite side, there is no particular tension, except for the LEO token, Augur and Synthetix Network, all falling by more than 7%.
The bullish momentum of the last few hours is particularly significant in terms of attracting new purchasing volumes that return to a total level of over 165 billion dollars.
Bitcoin, for the first time on September 8th, returns to trade for over $2 billion. The volumes of ETH are tonic as well, trading yesterday more than 1.4 billion dollars in countervalue. This is the third day with the highest number of volumes since last September 8th.
The numbers of DeFi
DeFi sees the total value locked rise, after having given a clear signal of demobilization caused by the events involving Sushiswap and Uniswap. Taking the DeFi Pulse data as a reference, last Thursday the lowest point was recorded with just over 6 billion locked assets, a level which hadn’t been seen since last August 15th. Today the TVL is once again climbing above 8.5 billion.
The podium continues to be held by Aave with about 1.5 billion locked funds.
New records for bitcoin tokenized using the ERC20 standard, exceeding for the first time the 100,000 units that holders prefer to tokenize on Ethereum to use them in decentralized financial protocols.
It is precisely the Bitcoin network that in the last few hours has set the total hashrate record with 136,486 exahash, an absolute record that comes one week after the highest difficulty of the Bitcoin network, equal to 17,558 Thash.
These are both signs that indicate excellent health for the Bitcoin network that statistically anticipates an upward price movement.
Total capitalization is one step away from $350 billion. Bitcoin hesitantly conquers 57% of dominance. Ethereum maintains the levels of the last few days, just under 12.3%. Same values as yesterday also for XRP, just over 3% market share.
Bitcoin (BTC) on the rise
With yesterday’s rise and +3.6% today, Bitcoin broke the resistance of the $10,600, which in the last few days had twice rejected attempts to rise.
This threshold has been broken in the hours of the night, and has pushed the prices to a step from the 10.850, which coincides with the dynamic resistance of the bullish trendline that reunites the increasing lows of last March.
The threshold of 10,500 dollars was violated with the strong fall of September 3rd. This is a very important threshold to follow carefully in the coming days.
For the operators in options, yesterday’s signals bring back the confidence to increase the strength of the Put positions, which have just moved below the threshold of 10,000 dollars in the $10,450-10,500 area for the protection of a possible decrease.
The coverage of possible increases remains decidedly higher. The first threshold is 10,850 points, while in the long term the threshold of 11,800 dollars remains, which would give a clear signal of return of strength.
The prices of Ethereum benefit from the strength of Bitcoin and influence the rise of the last few hours, +2.5% since yesterday.
Bitcoin’s pull does not have a particular impact. The maximums of the weekend of 390 dollars are not recovered in the last hours, even if the prices of ETH are maintained above the critical threshold of the support of 355 dollars and continue to sway around the threshold of 375-380 dollars.
Ethereum, despite the difficulties, unlike Bitcoin, continues to give a clear signal that the long term bullish trend, started from the March lows, has not been affected.
Derivatives professionals continue to confirm the fear of a possible downturn even though the trend of the last few days increases the positions of put options, which rise between $345 and $365, to protect the technical support of the $355. The critical threshold is $415, a level about 10% higher than the current one. Such a movement is absolutely possible and would give a first real bullish signal.