Altcoins | CoinDesk

Market Wrap: Ether Outperforms Bitcoin as Crypto Sentiment Improves

Ether is attempting to break above the 50-day moving average for the first time since March.

China’s announcement preceded choppy price moves around $34,000, which left traders with little sense of direction.

The cryptocurrency is expected to hold support above $30,000.

Bitcoin sentiment is improving despite profit taking into July.

The outperformance came despite a negative month for the leading cryptocurrency by market cap.

Bitcoin shorts are unwinding positions into the month’s close. Traders watching for signs of capitulation.

Crypto markets rose despite regulatory crackdowns from the U.K. and China. Analysts expect continued resiliency above $30K support.

The technical charts suggest further downside is likely as sellers react to extreme overbought conditions since March.

Bitcoin is recovering from a volatile shakeout. Options expiry has large open interest around $40K.

The move caused prices for many altcoins to plummet by 50% or more, causing considerable losses among retail investors.

By Felix ImHun 24, 2021