Name Price24H (%)
Tether (USDT)
Bitcoin Daily RSI Soars to 2021 High as Bullish Momentum Rem...

Bitcoin Daily RSI Soars to 2021 High as Bullish Momentum Remains

Written By:, Marcus Wang

Edited by:, Charmyn Ho

Macro and Overall Risk Sentiment

Despite better-than-expected PPI print and wavering retail sales in December,  Nasdaq 100 snapped a long winning streak as investors wait for earning releases from Big Tech in the coming weeks. In contrast, the broader cryptocurrency market has remained bullish, with both BTCUSDT and ETHUSDT gaining 12.1% and 10.0%, respectively, in the past week. 

BTCUSDT Perpetual

Bitcoin stands above $21k, nearly recouping all losses since FTX’s collapse. The largest cryptocurrency has to hold on to $21k, the 200-day EMA, to clear the way for the next leg up. One main highlight is that RSI once surged to 88, an extremely overbought level last seen in Jan 2021. Despite overbought conditions signifying a near-term correction, it also points to support of bulls, which historically led to Bitcoin reaching period highs. 

Meanwhile, the spread between the nearest-term Bitcoin futures and the spot price continues to spike with no evident retracement. The 7-day moving average of Bitcoin perpetual’s funding rate also reached a half-year high on several centralized exchanges. The above suggests that bullish momentum has materialized and remained strong. 

Check Out the Latest Prices, Charts, and Data for ,BTCUSDT,!

ETHUSDT Perpetual

Similarly, Ether has pushed through the $1,500 psychological level, more firmly above its 200-day EMA as compared to Bitcoin. In addition, the 7-day moving average of the perpetual funding rate continues to surge, suggesting a similar bullish sentiment on Ether. Meanwhile, the 180-day Ether option skew with Delta 25 has surged above zero level for the first time since early January, while implied volatility has inched up slightly. As such, the option metrics indicate that bulls still take the upper hand, while investors expect more volatility ahead in the wake of the recent price leap. 

Check Out the Latest Prices, Charts, and Data for ,ETHUSDT,!


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