Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH – CoinDesk – CoinDesk

Market Wrap: Bitcoin Dips to $34.4K as Big-Name DeFi Tokens Trounce ETH – CoinDesk – CoinDesk

Bitcoin was slipping Friday on lower-than-average volumes for 2021 so far. In other news, while BTC and ETH are up this year, some DeFi tokens are doing even better.

  • Bitcoin (BTC) trading around $35,610 as of 21:00 UTC (4 p.m. ET). Slipping 9.4% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $34,425-$39,673 (CoinDesk 20)
  • BTC below the 10-hour and 50-hour moving averages on the hourly chart, a bearish signal for market technicians.

Bitcoin trading on Bitstamp since Jan. 12.
Source: TradingView

The price of bitcoin fell Friday, a steady decline over the past 24 hours that saw the world’s oldest cryptocurrency bottom out as low as $34,425 before picking up to $35,610 as of press time. 

Read More: Biden’s $1.9T Relief Package Proposal Fails to Stir Bitcoin Market

“The price rested at $40,000. Now we are waiting for a rollback to $34,000,” said Constantin Kogan, partner at crypto investment firm Wave Financial. “Most likely the next possible low will be at least $26,000.”

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