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Technical charts, particularly the shape of candlesticks, often reflect the psychology behind the market, highlighting trader sentiment and behavior. Since Friday, at least two bitcoin (BTC) candles have indicated bullish undercurrents at multi-month lows, providing a glimmer of hope for crypto bulls.
The chart below shows that BTC's price decline has stalled at the 200-day simple moving average support level since last Wednesday. Daily candles for Tuesday and Friday are of particular interest, as both have small bodies with long lower wicks, hinting at bear failures below the 200-day SMA.
In other words, on both days, sellers initially pushed prices below the key average but failed to establish a foothold there, likely due to buyers stepping in to protect the support level.
Such candles appearing after a notable downtrend, which is the case in BTC, signal a potential bullish reversal. Traders usually see it as evidence of weakening selling pressure that might translate into a renewed bullish phase.
So, BTC could bounce back to Sunday's high of around $95,000, above which traders may once again set sights on the $100,000 mark. On the flip side, a downside break of the 200-day SMA could deeper losses.
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Sygnum Bank Expands Custody to Include Leading Crypto Options Exchange DeribitDeribit CEO Luuk Strijers (Extreme right) at Consensus Hong Kong (CoinDesk) · CoinDesk Crypto bank Sygnum has expanded its custody platform to include the world's leading options exchange Deribit.
Sygnum and Deribit are now leveraging crypto custodian Fireblocks' "Off Exchange" service, which allows traders to essentially "mirror" their assets held in custody on a trading platform.
This will allow traders to hold their assets in a regulated bank while continuing to access the deep liquidity of Deribit, according to an announcement shared with CoinDesk on Wednesday.
Traders received an unwelcome reminder of the dangers in keeping their assets on an exchange last month with the $1.4 billion hack of Bybit by North Korean Group Lazarus.
"Counterparty risk awareness in crypto comes in cycles, and the recent major cyber-attack has triggered one of the largest waves of exchange derisking since FTX," Sygnum's chief product officer, Dominic Lohberger, said.
Zurich-based Sygnum, which acquired a valuation of over $1 billion following a $58 million funding round in January, is licensed in its native Switzerland as well as Luxembourg and Singapore.
Deribit is among the world's leading derivatives exchanges, with trading volume surpassing $1 trillion in 2024. Its options volume alone reached $743 billion.
[CoinDesk]
