- Most big cryptocurrencies are down 3-10% today.
- Bitcoin’s price failed to break the USD 50,000 barrier.
Bitcoin financing rates on China’s derivatives markets progressively recovered from negative territory. Two days after a 20% drop, Bitcoin climbed to around $51,000 on Monday. The biggest cryptocurrency traded well over $50,000. Trading volume was much lower than a day earlier. Ethereum rose 3% to $4,324.
As a result, Bitcoin’s price failed to break the USD 50,000 barrier, and BTC fell below USD 49,000 support. It is now down over 2%, around USD 48,500.
However, most big cryptocurrencies are down 3-10% today, while BTC is up 3%. Except for XRP, which is neutral following a big surge over USD 0.90. ETH fell 5% and traded below USD 4,200. ADA is approaching USD 1.30.
Multiple Factors Affecting BTC Prices
For example, the average financing rate for bitcoin on prominent Chinese exchanges like Huobi, OKEx, and Bybit has recovered from negative territory far slower than the funding rate on other large exchanges like Deribit.
Meanwhile, Evergrande Group’s stock and bond prices plunged to record lows as the Chinese government increased its managerial participation. After a weekend sell-off of about 20%, Bitcoin is now trading above its 200-day moving average at $46,000. BTC has been down 15% in the last week.
Since July, the daily RSI has been the most oversold before a major market rebound. Still, sellers may progressively withdraw holdings, prolonging oversold circumstances.
BTC is primed for a short-term rally, but the upside is restricted to $55,000-60,000. A crypto bear market began in April when weekly momentum indicators turned negative for the first time since.
