Market Wrap: Bitcoin Sticks Around $13K While Ether Locked in DeFi Dips

Bitcoin stays in bull mode but on lower volume while the amount of ether locked in DeFi falls.

  • Bitcoin (BTC) trading around $13,103 as of 20:00 UTC (4 p.m. ET). Gaining 3% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $12,685-$13,232
  • BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

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Bitcoin trading on Bitstamp since Oct. 20.
Source: TradingView

Bitcoin’s price is still trending upward, hitting as high as $13,232 on spot exchanges the past 24 hours. It was at $13,103 as of press time, leveling off a bit after hitting 2020 highs.

Read More: Back at $13K: Bitcoin Unfazed by Profit Takers After Rise to 2020 High

“Bitcoin is naturally taking a breather after yesterday’s spike,” said Elie Le Rest, an executive for quant trading firm ExoAlpha.The critical level to hold is $12,500-ish, thus turning previous resistance into support.” The last time the world’s oldest cryptocurrency held these price levels was way back on July 10, 2019.

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Daily bitcoin spot trading on Bitstamp since 2019.
Source: TradingView

“We could, however, see a sideways period in the coming days, even a mild pullback, but bitcoin seems to have established a new base here,” Le Rest added.

Bitcoin at “$13,000 was near a prior high, so it’s a natural place to pull in for a pit stop,” said Bill Noble, chief technical analyst at Token Metrics. “BTC has started an uptrend, so it can stay here to build up steam for the next big move.”

Volume may be a key component to further upward price action. Thursday’s daily volume was at $688,966,174 for major USD/BTC spot exchanges as of press time. That’s starkly lower than on Wednesday, which at $1,578,271,994 was the highest volume day since July 28.

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BTC/USD spot volume on major exchanges the past three months.
Source: Shuai Hao/CoinDesk Research

Some of that volume Wednesday likely came from developments in bitcoin adoption news as PayPal plans to support cryptocurrencies for its 346…

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