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Bitcoin rebounds, Ethereum gas bill is low for the first time in 3 months[Market trend]

Cryptocurrency

● Bitcoin (BTC) was trading at $ 36,278 as of 21:00 on the 8th (Coordinated Universal Time: UTC / 6:00 on the 9th of Japan time), up 10.2% in the last 24 hours.

● Bitcoin 24-hour range: $ 32,557- $ 36,890 (CoinDesk 20).

● Ethereum (ETH) traded at $ 2,561 and has risen 2.3% in the last 24 hours.

● Ethereum 24-hour range: $ 2,418 to $ 2,613.

Bitcoin rebounds

Bitcoin 1-hour chart (bit stamp)
Source: TradingView

Bitcoin is a bullish signal in technical analysis.

Bitcoin traders don’t seem to care about news about Chinese government regulation. Data show that some investors are buying Bitcoin and moving it off the exchange, and the exchange’s Bitcoin balance has declined significantly in recent weeks.

“The signal to the continuation of the current bullish reversal is the amount of Bitcoin moved from the exchange,” said Sean Rooney of Valkyrie Investments. The amount of movement from the exchange is said to be the highest this year.

Exchange BTC balance decreased

Exchange Bitcoin holding balance (red) and Bitcoin price (black)
Source: CryptoQuant

According to data site CryptoQuant, Bitcoin holdings on major cryptocurrency exchanges have fallen to $ 2.46 million, the lowest level since May 17.

Rooney believes this pattern needs to persist for Bitcoin to rebound to above $ 40,000.

“This trend needs to continue in order to break through the heavy resistance of around $ 42,000. The backlash from oversold was hoped for positive sentiment, including expectations for El Salvador’s news. The situation may have helped, “said Rooney.

Gas bill is the lowest level in 3 months

Ethereum 1-hour chart (bitstamp)
Source: TradingView

Ethereum is a bullish signal in technical analysis.

Changes in gas bill (median) for the past 3 months
Source: Dune Analytic

According to data site Dune Analytics, Ethereum network transaction fees, the so-called “gas bills,” have fallen to 16gwei (median), the lowest level in three months at the time of this writing.

| Translation: coindesk JAPAN
| Editing: Takayuki Masuda, Shigeru Sato
| Image: TradingView
| Original: Market Wrap: Bitcoin Pops to $ 36.8K, Other Cryptos Higher Despite Worrying China Signals

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