Market Wrap: Bitcoin Bears Retreat as Traders Buy on Dips – CoinDesk

The cryptocurrency was up about 6% over the past 24 hours compared with a 7% gain in ether over the same period.

“On the other hand, BTC remains below its 50-day average , which has acted as resistance for the past 10 days.

On an annualized basis, bitcoin and ether’s 30-day volatility remains low compared with earlier this year.

Some analysts expect volatility to eventually rise next year, especially as the correlation between bitcoin and the S&P 500 remains elevated.

Bitcoin dropped nearly 20% from its all-time high near $69,000 last week, which was the largest drawdown since September.

Crypto investment fund inflows rose to $306 million last week despite the overall market pullback.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies.

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.

Tracy Wang is a senior reporter at CoinDesk.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

…Read the full story