Bitcoin price is retracing down after testing $21,450 today. The bullish momentum was enhanced by strong impulse wave last week as the price breached above Fibonacci 23.6, 38.2 and 61.8 resistance levels without a recoil. The price is retracing lower as the RSI has entered the overbought zone. There are no signs yet that bears can wrestle the market control away from bulls in medium term perspective short of drastic change in market sentiment.
While markets are trying to price in the likelihood of milder global recession than feared after strong US consumer sentiment and Q4 bank reports, the crypto market has rebounded, recovering the losses of last couple of months that analysts at Bernstein say is driven by optimism caused by China reopening while reports estimate crypto lender Genesis owes its creditors over $3 billion, and Crypto.com delisted Tether’s USDT stablecoin for Canadian users.
Bernstein brokerage notes that the rebound in crypto market has been led by Asia buying after China reopening. At the same time they write that many of the tokens that have rallied in the last couple of days are the ones that were most shorted, including solana (SOL) and lido (LDO).
The Digital Currency Group, crypto lender Genesis' parent company, is looking to sell some of its venture-capital portfolio worth around $500 million, according to the Financial Times. The crypto lender Genesis owes its creditors over $3 billion. after stopping withdrawals late last year.
Crypto.com, one of the world’s top exchanges by volume, has emailed it will delist Tether’s dollar-linked stablecoin, USDT, from its trading platform for users in Canada. The exchange wrote it acts “in accordance with instructions from the Ontario Securities Commission (OSC).”
