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#Bitcoin Price: Technicals Say ‘Sell!’ Despite Wider #Crypto Market Recovery
The #cryptocurrency market experienced a minor-to-moderate recovery on Wednesday, but that doesn’t mean the mood has turned bullish. The Bitcoin price’s technical factors still favor selling, even as the asset pushes back toward $3,500. In the altcoin markets, Bitcoin SV has continued its long-running slide from glory over the past few days of trading. At present, a single BSV coin is worth less than 1 Dash.
BITCOIN PRICE FLASHING ‘STRONG SELL?’ The Bitcoin price was different everywhere, #making for arbitrage opportunities as large as the day is long. Someone with enough capital could easily arbitrage between, for example, #Coinbase and #Bitfinex, where the price was almost $100 different at press time.
The Bitcoin price aggressively recovered from a 12-hour low of $3,372. Momentum across markets seemed to agreeably push back toward $3,500.
At Coinbase, the most bearish of the reputable exchanges studied, the price had aggressively recovered from a 12-hour low of $3,372. Momentum across markets seemed to agreeably push back toward $3,500.
ETHEREUM GROWS SOME LEGS
Also at Coinbase, #Ethereum grew some legs and walked away from a strong selling sentiment. Buyers picked the price back up by over $5 in midday trading.
It is questionable as to whether yesterday’s assertion that sub-$100 Ethereum might be a reality is actually wrong at $107. This reporter would certainly feel more comfortable at $120 or $150. If a change of $5 upwards can happen in a few hours, a change downwards of $30 can happen in the same amount of time. Ethereum discount buyers are likely hoping it stays in this range for a while yet.
BITCOIN SV VS. DASH
Bitcoin SV is now below $70. Founder Craig Wright continues to characterize other blockchains as anything but legitimate. The continued social media toxicity of the alleged Satoshi Nakamoto does not appear to build demand for Bitcoin SV.
On the other hand, developers like _unwriter continue to aggressively build infrastructure on the Bitcoin fork, making future surprise partnerships and/or corporate announcements a total possibility.
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