First in Asia, Bitcoin Prices Rise by $27K as Positive Macro and Technical Signals Take Hold
Recently, the most valuable cryptocurrency by market value was trading at about $27,165, up 1.1% in the previous 24 hours and somewhat higher than where it started the weekend.
Since its most recent downturn began on May 5 due to profit-taking and poor liquidity against a background of industry-focused and macroeconomic uncertainty, BTC has lost more than 10% of its value.
On Friday, Ryan Rasmussen, an analyst at crypto fund management Bitwise, said on CoinDesk TV’s “First Mover” program that “financial markets in general (are) driven by risk, by liquidity,” and that it is therefore not unexpected that “large swaths of selling” are occurring at a time when investors are “fearing risk assets as a whole.” Larger price fluctuations accompany each sale of an asset are to be expected when liquidity is low.
The value of Ether, the second biggest cryptocurrency by market cap, was at $1,800 as of early Saturday, down fractions of a percentage point from the previous day. Litecoin, another prominent cryptocurrency, rose by more than 5.7% at the start of the Asian trading week. The cryptocurrency market, as measured by the CoinDesk Market Index, increased by 0.8%.
The Nikkei was up roughly 0.5%, while the Hang Seng was down 0.2% among Asia’s leading indices. Bitcoin’s price should remain between $25,000 and $27,000 this week “before bouncing towards $30K again.”
“We don’t believe a trigger is necessary for the market in the near future, he stated. A new massive upswing is inevitable, so they say.”
