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Pushing down crypto isn't easy
Buying on dips remains the dominant tactic in the crypto market. Capitalisation rose 1.8% in seven days to $1.65 trillion. Previously, the 'what doesn't rise, falls' formula was often applied to cryptocurrencies. However, recent attempts to sell off after a period of stabilisation have been met with increased buying.
Bitcoin remains at $43.0K. At the start of trading on Monday, there was an attempt to sell the price lower amid weakness in the Chinese markets. However, BTCUSD was bought back twice on dips to $42.2K. This solid support significantly weakened the sellers' onslaught, which quickly brought the price back to $43,000 - the centre of gravity for the exchange rate since early December. That's also where the 50-day moving average now sits, suggesting that the market is still undecided about direction.
In traditional financial markets, the dollar and equity indices are simultaneously rising, but overall risk appetite is more accurately described as subdued. Exclusive drivers for the crypto market (such as bitcoin ETFs, etc.) have so far played out, forcing investors to wait for the next signal.