The cryptocurrency market is struggling to maintain gains. Although Tesla's disclosed bitcoin sale caused a short-lived panic, buyers are trying to dominate the capitulating bears and show that they have an appetite for more this time:
- The atmosphere in the markets is improving today despite the release of weak data amid a planned agreement between Ukraine and Russia to unblock grain shipments from Black Sea ports. The document is expected to be signed at 1:30 p.m., the parties will meet in Turkey. Cryptocurrencies gain with bullish support from stock markets;
- Bitcoin halted a wave of declines near a key support - the weekly moving average on the weekly interval, which is currently still near $22,600. Ethereum is back above $1,600. The altcoin's rise is led today by Kusama, Apecoin, NEO and Graph. Decentraland is struggling to re-enter above key resistance above $1;
- A record amount of BTC flowed into the Coinbase exchange. Whale, which has acquired 207,000 BTC since 2019, has transferred most of its reserves from an external wallet to the exchange. In the past few days, the address has sent more than 160 thousand BTC to Coinbase, which raises concerns about their possible sale.
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Ethereum chart, W1 interval. Ethereum continues to lead the growth of the top ten cryptocurrencies and is already trading nearly 30% above the SMA 200 showing strength against the still cautiously rising Bitcoin. Source: xStation5
