Why Bitcoin And Ethereum Could Be In Trouble As Derivatives Pressure Mounts

Why Bitcoin And Ethereum Could Be In Trouble As Derivatives Pressure Mounts


Bitcoin and Ethereum are in the green on high timeframes. The first and second cryptocurrencies by market cap seemed to be recovering well, after months of sustained selling pressure.

At the time of writing, BTC trades at $49,319 with a 1.4% profit in the daily chart. Earlier, Bitcoin was rejected as it made its way back north of $50,000.

BTC’s price lost its first level of support at $49,800 and now sits at risk of returning to the mid-range of its current levels, around $46,000.

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BTC moving sideways after it was rejected in the daily chart. Source: BTCUSD Tradingview

This could be positive for Ethereum, as the second cryptocurrency by market cap keeps outperforming Bitcoin. A push too high from BTC’s price could steal ETH shine.

At the time of writing, Ethereum trades at $3,773 with a 1.9% and 16.8% profit in the daily and weekly charts, respectively.

ETH with a bullish momentum in the daily chart. Source: ETHUSD

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