First Mover Asia: Bitcoin Falls Below $49K as Trading Volume Weakens, Altcoins See Red

 First Mover Asia: Bitcoin Falls Below $49K as Trading Volume Weakens, Altcoins See Red

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Market moves: Bitcoin fell as U.S. stocks sagged and also the U.S. dollar reinforced.

Technician’s take: shopping for activity remains weak, that reduces the prospect of a big worth rise into Gregorian calendar month.

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Prices

Bitcoin (BTC): $48,123 -4.7%

Ether (ETH): $4,183 -5.3%

Markets

• S&P 500: $4,667 -0.7%
• Dow Jones Industrial Average: $35,754 -0.0001%
• Nasdaq: $15,517 -1.7%
• Gold: $1,775 -0.4%

Market moves

Bitcoin fell toward $48,000 on Th, slippery nearly five-hitter when hovering over $50,000 for abundant of the previous 2 days.

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Trading volume of the No.1 cryptocurrency by capitalization across major centralized exchanges, however, continued to drop.

Credit: CoinDesk/CryptoCompare

The majority of the crypto market was additionally in red: Ether was down by over five-hitter to around $4,000. The pessimistic market performance occurred as U.S. stocks fell and also the dollar index (DXY), that tracks the greenback’s worth against major rescript currencies, rose by 0.28%.

 A reinforced U.S. dollar brings draw back pressure on bitcoin’s costs.

“The long bull case remains for bitcoin, however everything within the short-run looks pessimistic,” Edward Moya, senior analyst at Oanda, same in AN email. “Bitcoin can ought to overcome growing expectations for a stronger dollar, AN extended altcoin season and short-run bearishness for risk assets as letter derails reopening momentum.”