Bitcoin Breaks $50K, Ether’s Biggest 1-Day Gain in 6 Weeks
  The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets September 2, 2021 Sponsored by  (Price data as of September 2 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Bitcoin Rises Above $50K After Ether's Biggest Single-Day Gain in 6 Weeks Bitcoin is gathering steam in the wake of ether's rally to a 3 1/2-month high on Wednesday.
The top cryptocurrency by market value crossed the $50,000 mark for the first time since Aug. 23 and is trading 2.7% higher on the day at press time, CoinDesk 20 data show.  Bitcoin price chart, Sept. 1 - 2, 2021 (Source: CoinDesk) The advance comes a day after ether, the native token of Ethereum's blockchain, jumped above $3,800 to reach the highest level since mid-May. Ether ended the day with an 11% gain, the biggest single-day rise since July 21, and analysts foresee continued advances.  Ether price chart, Sept. 1 - 2, 2021 (Source: CoinDesk) Bitcoin is also looking north, with data pointing to bullish bias among large investors. The Commitment of Traders (COT) report published by the U.S. Commodity Futures Trading Commission (CFTC) on Friday showed asset managers holding record long exposure of $165 million. "The net exposure of asset managers is positive for the first time since April, indicating that the institutions have turned bullish on bitcoin," Arcane Research noted in a weekly report published Tuesday.
Some observers are citing the recent decline in bitcoin balances held on the Nasdaq-listed Coinbase exchange as evidence of fresh demand from large investors. "Coinbase buyers are back," William Clemente, lead insights analyst at Blockware Solutions, tweeted early today along with a chart from Glassnode showing the number of bitcoin balances falling by 32,000 BTC since Aug. 23. As of Wednesday, Coinbase held 709,695 BTC, the lowest number since 2017.
Coinbase outflows are often taken to represent institutional demand, as the exchange offers custody solutions directly integrated with its over-the-counter (OTC) desk. Institutions typically transact over the counter to avoid influencing the spot-market price. However, some observers are skeptical of the bullish Coinbase theory. CoinDesk's Galen Moore noted in April that stablecoins have replaced bitcoins as the dominant quote currency and outflows represent that trend.
That said, other blockchain metrics point to renewed accumulation by investors. In a report published Tuesday, blockchain data company Santiment said the amount of bitcoin held by addresses with between 100 and 10,000 BTC has climbed over the past week, signaling renewed confidence among some bitcoin whales.
"After a shaky start to the month, the combined balance of these holders has increased by roughly 30,000 BTC [worth $1.5 billion] in the last 7 days, and now amounts to 48.95% of Bitcoin's total circulating supply," Santiment noted. Address metrics are not perfect indicators because a single investor can hold multiple addresses.
According to Blockware Solutions' Clemente, on-chain supply dynamics warrant a price of $58,000. From a technical analysis standpoint, bulls need to establish a foot hold above $50,000 for a move toward the next resistance at that level.
Read the original story here: Bitcoin Rises Above $50K After Ether's Biggest Single-Day Gain in 6 Weeks
Technician's Take by Damanick Dantes, CMT  Bitcoin Holds Support; Testing $50K Resistance Bitcoin (BTC) buyers were active during Asia hours and defended support around the 200-day moving average. The cryptocurrency is testing initial resistance around $50,000 and is up about 5% over the past 24 hours. A breakout above current levels could yield further upside towards $55,000.  Bitcoin four-hour chart with RSI. (Source: TradingView)
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