Bitcoin’s price remains heavily discounted as FTX headwinds continue to bite.
Changing hards at US$16,800, the benchmark cryptocurrency has managed to add 2% in today’s session, though indecision among investors continues.
With traditional equities indexes on the way up, traders may be drawn away from a crypto market battling with a string of crises.
But with a support line drawn at US$16,000 and relative strength suggesting an oversold position, a potential buy-in could be on the horizon which should drive bitcoin’s price forward.
Ethereum (ETH) is battling the same headwinds, with price action centred around the US$1,270 point.
ETH’s fist hurdle will be breaking above the US$1,280 to US$1,290 range, where resistance is ostensibly mounted.