A few days back, when the crypto market saw a broad-based selloff, YFI also conceded to bearish action majorly influenced by ETH correction, profit-taking from BTC’s previous rally, and a strong selloff amongst DeFi-tokens.
A short term inverse correlation has been noticed between BTC and Altcoins when Bitcoin is range-bound, Altcoins rally, and when Bitcoin rallies moderately Altcoins may lag but still tend to follow BTC’s bullish price action. This correlation seems to suggest that investors cycled profits from DeFi tokens to BTC when it rallies.
YFI/USD Daily Chart
DeFi token Synthetix (SNX), NEM (XEM) are also among the top day’s gainers. YFI is presently trading at $30,237 up by 13% on the day, Bitcoin barely gained 1% on the day.
Analysts at Whalemap stated that BTC can stay in a bullish trend as long as it defends $10,407 while noting BTC whale clusters at this level. The analysts emphasized this may indicate “bulls have won,” as the market sentiment recovers gradually.
The hourly map of Bitcoin whale clusters. Courtesy: Whalemap
Image Credit: Whalemap, Shutterstock
bestadmin
