Weekly Market Observation｜Bitcoin has formed a bullish golden cross, and the trend of Ethereum is more optimistic by the market
OKEX Investment Research Weekly Market Observation: Bitcoin Bullish Golden Cross Formed, Ethereum Trend is More Optimistic by the Market
Written by: OKEx analyst Yan Song
Bitcoin's daily line forms a bullish golden cross, but historical data does not support direct stud
The implied volatility of ETH/BTC continues to rise, indicating that the market expects it to perform better
The number of balance addresses on the Bitcoin chain continues to grow
In the past week, Bitcoin created a recent high of $10510 (OKEX BTC index price) on February 13, and then started a downward trend. After three rounds of decline, it stopped falling after testing the previous support level around $9550. In the end, it did not directly break through this area, and began to rebound in the short term. At the end of this week, many traders fell below the currency price directly at $9550, which caused a mid-term trend reversal, but the support level was finally held. After the currency price rebounded and broke through $9800, the trading volume increased, and it tested the previous intensive trading area of $10200 to $10300 again on Tuesday night. Many traders hope to see the currency price can cover the gap left by CME futures over the weekend. above to $10,460.
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Figure 1: OKEX BTC Index Price Daily Chart – Tradingview
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2015/7 – Purple; 2015/10 – Black; 2019/4 – Green; 2020/2 – Orange
2015/7 – Purple; 2015/10 – Black; 2019/4 – Green; 2020/2 – Orange
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Figure 3: 2/11 – 2/18 Return Rates of Medium and Large Market Cap Coins
Year-to-date, the market capitalization of the entire cryptocurrency market has increased by $100 billion, while altcoins have outpaced Bitcoin, with Ethereum, the largest altcoin in terms of market capitalization, doubling its return. We can see that the one-month correlation between Ethereum and Bitcoin has dropped rapidly in the past week, from nearly 90% to 74, which also reflects the current increase in the independence of Ethereum.
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Figure 4: ETH/BTC Actual Correlation - SKEW
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news side
news side
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Fundamentals
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Emotional side
Emotional side
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Risk warning: This article does not constitute an investment recommendation. Investment is risky. Investment should consider personal risk tolerance. It is recommended to conduct an in-depth investigation of the project and carefully make your own investment decisions.
Risk warning: This article does not constitute an investment recommendation. Investment is risky. Investment should consider personal risk tolerance. It is recommended to conduct an in-depth investigation of the project and carefully make your own investment decisions.
