Bitcoin Price Slips as VeChain Moves Higher
The cryptocurrency market remains under pressure on Friday, with Bitcoin and the top-10 cryptocurrencies by market capitalization trading in the red.
Ethereum, Ripple, Bitcoin Cash, Litecoin, Binance Coin, EOS, Bitcoin SV, and Stellar Lumen are posting losses of between -1.5% to -2.8%. VeChain is the notable outperformer with gains of over 20%.
The VET/USD pair is trading at its highest level since July 10th, 2019, and has been advancing since Chinese President Xi Jinping announced Beijing’s embracement of blockchain technology.
The total cryptocurrency market capitalization is currently $236 billion, down $11 billion from last week — a loss of 4.5%.
Bitcoin has fallen to a low of $8,495 as of press time. The BTC/USD pair currently trades around its 50-day moving average located at the $8,550 level.
Key technical support below $8,500 is located at the October 20th swing-high at $8,350, as well as the psychological $8,000 level.
Bitcoin’s 200-period moving average on the four-hour time frame offers the strongest form of near-term resistance at $8,686.
Scalpex’s Social Index, a measure of Bitcoin’s market expectations, shows that traders are heavily bearish towards the BTC/USD pair.
BTC/USD by TradingView
The VET/USD pair is gaining strength above its 200-day moving average and is currently up by 30 percent on a monthly basis.
The four-hour time frame shows that a bullish breakout from a large inverted head and shoulders pattern has occurred. The neckline of the pattern is located at the $0.0065 level, with the overall size of the pattern projecting a possible move higher towards the $0.0095 resistance level.
Key VET resistances are located at the $0.0082 and 0.0090 levels, while near-term support is found at the $0.0070 and $0.0065 level.
VET/USD by TradingView
According to the latest data from theTIE, market sentiment toward the entire cryptocurrency market is neutral at 50%.
Litecoin has the weakest sentiment reading among the top-10 cryptocurrencies at 44%. Meanwhile, Bitcoin Cash sentiment is strongest at 65%.