First Mover: Bitcoin Maintains Trend Support at $56K, All-Time-High Within Reach Around $61K

PLUS: Bitcoin Tends to Weaken During Asian Trading, Especially After Bank of Japan Policy Shift

March 19, 2021 Everything you need to make sense of the crypto markets and beyond Sponsored By: By the CoinDesk Markets Team Edited by Lawrence Lewitinn If you were forwarded this newsletter and would like to receive it, sign up here.  Bitcoin (BTC) +0.2%  $58,711 Ether (ETH)  -0.3%   $1,814 (Price data as of Mar. 19  @11:00 UTC) Good morning. Here's what we're writing about: Technician's Take by Damanick Dantes: Bitcoin Maintains Trend Support at $56K, All-Time-High Within Reach Around $61K Other Markets News: Bitcoin Tends to Weaken During Asian Trading, Especially After Bank of Japan Policy Shift Check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Lawrence Lewitinn and Emily Parker, at 9 a.m. U.S. Eastern time. Today the show will feature guests: Anthony Scaramucci, founder of SkyBridge  Joe Lallouz, CEO of Bisson Trails Kendrick Nguyen, cofounder and CEO of Republic TECHNICIAN'S TAKE by DAMANICK DANTES Bitcoin Maintains Trend Support at $56K, All-Time-High Within Reach Around $61K The short-term uptrend for bitcoin (BTC) is improving, with next resistance at the March all-time-high around $61,000. Traders continue to experience choppy price action on intraday charts, but buyers remained active at trend support around $56,000. Four-hour BTC price chart shows an uptrend with resistance at all-time-high (Source: TradingView) Bitcoin is currently battling resistance from its February price high around $58,000 while lower support levels continue to attract buyers. The month-long uptrend from $43,000 remains intact, although longer-term signals are weakening. Momentum on the daily chart continues to diverge from price, defined by lower highs on the relative strength index (RSI). --Damanick Dantes   Read the original story here: Bitcoin Maintains Trend Support at $56K, All-Time-High Within Reach Around $61K SPONSORED BY NEXO Your digital assets deserve a savings account in their BEST INTEREST. Leading crypto lender Nexo treats you, your crypto and your fiat to industry-best Crypto & Fiat services, featuring:    * Up to 12% interest on digital assets, paid out daily! * Yields available on BTC, ETH, LTC, BCH, XRP, XLM, EOS, TRX, LINK, BNB, PAXG, USDT, USDC, TUSD, PAX, DAI, HUSD, GBP and EUR. * No minimum or maximum limits on funds deposited, offering infinite opportunities to earn. * #ZeroFees on all transactions. * Military-grade wallet security and top-tier insurance on all custodial assets with SOC 2 Type 2 certified crypto custodian BitGo. Get started at nexo.io OTHER MARKETS NEWS Bitcoin Tends to Weaken During Asian Trading, Especially After Bank of Japan Policy Shift Traders are getting used to bitcoin (BTC) buying that is concentrated during European hours, with North America lagging behind, and Asia inviting more sellers. And yesterday's Asia trading session was no exception.   "Overnight, the Bank of Japan announced that they would reduce asset purchases in a move that signaled marginal tightening of policy. By the time European markets opened, they digested this news and immediately went into defensive move…[which also] put a damper on the strong price action in BTC," wrote Chad Steinglass, head of trading at CrossTower, a digital asset trading firm. Chart shows BTC performance by Asian, European and North American sessions (Source: Enigma Securities) The BoJ is considering ditching its 6 trillion yen purchase target of buying exchange traded funds (ETFs), as reported by Bloomberg. The ETF purchase program is expected to only be used in times of market turmoil, which could be interpreted as marginal tightening. And the quick risk-off reaction to the BoJ news during Asian and European hours is not unusual. "It's not uncommon for Europeans to be more skittish than others. Since Lunar New Year, Asian markets have been relatively weak," Steinglass told CoinDesk in a phone interview. "Crypto will trade with risk [assets] intraday. Over the last few weeks, bitcoin has been affected by rocky markets, but has been resilient, which is encouraging." The recent bounce above $58K is consistent with rising price floors in BTC as the long-term trend remains intact. "Every time we break into a new range, old resistance becomes support – consistently over the last several months," said Steinglass. --Damanick Dantes Original story found here: Bitcoin Tends to Weaken During Asian Trading, Especially After Bank of Japan Policy Shift BIGGEST MOVERS These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Notable Gainers: Orchid (OXT): +12.8% OMG Network (OMG): +3.7% EOS (EOS): +2.3%   Notable Losers:  Cardano (ADA): -13.4% Kyber Network (KNC): -7.3% 0x (ZRX): -6.1%   The CoinDesk 20 filters from the larger universe of thousands of cryptocurrencies and digital assets to define a core group of 20. These assets constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges. ICYMI In case you missed it, here is yesterday's episode of First Mover: The Countdown to a US Bitcoin ETF Decision Begins; SEC's Hester Peirce Joins 'First Mover' SEC Commissioner Hester Peirce reacts to the latest crypto headlines involving bitcoin exchange-traded fund applications, institutional investments and NFTs. Nexo's Antoni Trenchev explains the case for a $100K bitcoin price, and can bitcoin mining reduce your taxes? We hear from vBit's CEO Don Vo. SPONSORED BY NEM GROUP Symbol from NEM, the next-generation public blockchain, launched March 15th, marking a milestone in NEM's vision for a new economic and digital system. Boasting enterprise-grade security and programmability, Symbol smooths business friction and increases the flow of data  to supercharge the creation, exchange and protection of assets. NEM Group - comprising NEM Software, NEM Trading, and NEM Ventures - nurtures a strong and healthy ecosystem to shape the development and future of blockchain technology for generations to come. 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Jackson will organize virtual meetups in the U.S. and around the world, then dive deeper into key themes, issues or questions that arise.   Watch Community Crypto Thursdays at 5 p.m. ET on YouTube or CoinDesk.com. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. 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