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First Mover Asia: Bitcoin Drifts Lower After Taproot Upgrade; Ether Drops
The most significant improvement to the Bitcoin network in four years generated weekend enthusiasm in the blockchain community (and a short video) – but nothing too exciting in terms of a price reaction.
Good morning, Here’s what’s happening this morning:
Market Moves: Bitcoin’s highly anticipated Taproot upgrade fails to produce any noticeable price pop.
STORY CONTINUES BELOW
Technician’s take: Short-term upside appears to be limited given the loss of positive momentum.
Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.
Prices
Bitcoin (BTC): $64,514 +0.4%
Ether (ETH): $4,562 -1.7%
Market moves
Bitcoin was trading flat after Taproot, the blockchain’s biggest network upgrade in four years, went live.
The upgrade, which took effect at 5:15 coordinated universal time (1:15 a.m. HKT/SGT), had been closely tracked by cryptocurrency traders and analysts as a supporting market factor, though many experts had told CoinDesk earlier this month that the phase-in was likelier to be seen as a long-term technological advance than a near-term price catalyst.
The tech milestone was celebrated by Bitcoin enthusiasts, with at least one pop-up “Taproot.watch” website posting a commemorative (and somewhat amusing) video to ring in the blockchain’s new era.
“Although the Taproot upgrade is generally a positive development, the verdict is still out if it will make a big improvement to the blockchain world,” Apifiny CEO Haohan Xu wrote in emailed comments.
The largest cryptocurrency has been trading mostly in the low $60,000′s since hitting an all-time high near $69,000 last week. Researchers at the crypto exchange Kraken wrote Friday that buy orders are concentrating around $62,000, while there appear to be interested sellers around $67,000 to $69,000.
Technician’s take
Bitcoin Decline Could Stabilize Around $60K Support
Bitcoin (BTC) dipped below $65,000 as buyers continued to take some profits. Lower support is seen around $60,000, which could stabilize the current pullback.
The relative strength index (RSI) on the four-hour chart is near oversold levels, similar to Oct. 27, which preceded a near 10% price rise. This time, however, buyers could face resistance around $65,000 given the loss of upside momentum this week.
Indicators suggest a period of consolidation could persist after upside exhaustion signals appeared on the charts last week. Further, a negative divergence on the daily RSI suggests limited upside over the short-term.
The weekly chart showed improving price momentum, although a decisive breakout above $69,000 needs to be confirmed before projecting upside targets.
Important events
9:30 a.m. HKT/SGT (1:30 a.m. UTC): China House Price Index (Oct.)
10 a.m. HKT/SGT (2 a.m. UTC): China Industrial Production (Oct. YoY)
10 a.m. HKT/SGT (2 a.m. UTC): China Retail Sales (Oct. YoY)
12:30 p.m. HK/SGT (4:30 a.m. UTC): Japan Industrial Production (Sept. YoY)
6 p.m. HK/SGT (10 a.m. UTC) Eurostat Trade Balance (Sept.)
On CoinDesk TV
In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:
Chia Network Provides Blockchain Solutions to Help Costa Rican Government Track Climate Change
“First Mover” hosts spoke with Bram Cohen, co-founder of the Chia Network, following his company’s announcement that it would be supplying technical services for the Costa Rican government to track climate change metrics. Plus, the show covered market insights from Toroso Investments Chief Investment Officer Michael Venuto.
Latest headlines
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SEC Rejects VanEck’s Spot Bitcoin ETF Proposal
Market Wrap: Bitcoin Expected to Rise on Taproot Upgrade
Longer reads
Tether, Bitcoin and Chinese Commercial Paper at Scale
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Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
