Bitcoin Breaks $50K, Ether’s Biggest 1-Day Gain in 6 Weeks

Charts: Overbought signals could trigger a brief pullback.

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     Bitcoin (BTC) +5.2%  $50,038 Ether (ETH)  +6.1%  $3,760 (Price data as of September 2 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitcoin Rises Above $50K After Ether's Biggest Single-Day Gain in 6 Weeks Technician's Take: Bitcoin Holds Support; Testing $50K Resistance And check out the CoinDesk TV show "First Mover," hosted by Zack Seward and me at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Stephen Stonberg, Bittrex Gabby Dizon, Yield.Games  – Lawrence Lewitinn Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Gainers: Cardano (ADA): +8.6% Dogecoin (DOGE): +8.2% Polkadot (DOT): +7.7% Chainlink (LINK): +7.7% XRP (XRP): +7.5%   Losers: None of the digital assets in the CoinDesk 20 is down in the past 24 hours.  The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges. A message from ByBit Earn up to $600 when you sign up with Bybit.   Bybit is one of the top crypto exchanges on Bloomberg.   Trade Bitcoin, Ether (ETH), Dogecoin (DOGE) and more!   Check out all of our exciting promotions! Lots of attractive bonuses are available when you sign up with us.   Spot, derivatives trading and other options available.   Sign Up Now! 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) The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes brief pullbacks similar to August 23 when buyers failed to break above $50,000 resistance. Initial support is seen at the 100-period moving average on the four-hour chart, currently around $47,800, which could stabilize a pullback. Upside momentum has faded over the past few weeks, although buyers are likely to defend lower support as bitcoin consolidates.   Read the original story here: Bitcoin Holds Support; Testing $50K Resistance A Message from ErisX ErisX provides an arsenal of trading tools for all levels of traders from novice to seasoned.  Choose from our Trading UI, Websocket API, or Algo Machine™ to  automate your trading strategies without having to write code. Algo features include "pegged order" and "order-on-fill". Members also get access to exclusive charts, overlays and technical analysis from Trading Central.  Watch educational videos in our media gallery and start trading today!   Open an account, refer a friend, and you are both rewarded $50 after they make their first trade. BOLO Be on the look out for some of these upcoming events: 12:30 UTC (8:30 a.m. ET): Initial jobless claims (Aug. 27). Est: 345,000 ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   FTX.US Breaks into US Derivatives Market with LedgerX Acquisition, SEC's Gensler Says Crypto Market Won't 'Last Long Outside' Regulatory Framework "First Mover" discusses the U.S. crypto derivatives markets with LedgerX CEO & Co-founder Zach Dexter as FTX.US announces it's acquiring the firm. Is this how FTX breaks into the U.S. derivatives market? Meanwhile, SEC Chair Gary Gensler says the crypto market won't "last long outside" regulatory framework. Our readings on that. Plus, other regulatory news from Global Policy & Regulation Managing Editor Nikhilesh De.   A Message from CoinDesk Introducing Crypto for Advisors, a weekly newsletter built specifically for financial advisors (FAs) and registered investment advisors (RIAs). Crypto for Advisors, delivered every Thursday, is designed to inform and educate financial professionals who seek to incorporate this rapidly moving asset class into their work. Subscribe today. Latest Headlines SEC Sues BitConnect Founder on Fraud Charges The securities regulator also filed charges against a U.S.-based promoter and an affiliated company. Binance.US Could Go Public in Three Years, Changpeng 'CZ' Zhao Says: Report A listing would be a boon for the embattled Binance brand. Australia, Malaysia, Singapore, South Africa to Trial CBDCs for Cross-Border Payments The four central banks are working on a joint project that will develop and test shared platforms for international settlements with multiple CBDCs. Cyprus Betting Regulator to Host Event Discussing Blockchain and Crypto Trends The National Betting Authority is exploring whether blockchain tech can support and enhance its supervision of Cyprus' gambling industry. Singapore Issues Investor Alert for Binance Binance is unregulated in Singapore and may have broken the law, MAS signals. Inter Milan Signs $100M Sponsorship Deal With Zytara Labs, DigitalBits Foundation The deal will see the reigning Italian soccer champions sport the DigitalBits branding on the sleeves of their jerseys. 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. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.  First Mover A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA You can manage your preferences here or unsubscribe from all CoinDesk email.