Bitcoin is undergoing a stiff competition with new controversial Defi cryptocurrency YFI.
As of this morning, BTC has was overtaken in terms of value as YFI rides swiftly beyond the $12,000 mark. Now the most valuable crypto asset globally, YFI gained around 30% for the past 24 hours and seems to have an impressive potential upside.
Bitcoin, on the other hand, is riding below the $12,000 level. The top cryptocurrency by market capitalization is struggling to keep up a good momentum in the face of evident price opposition.
Attention has now shifted towards YFI as the popular crypto seems to have more in stock than expected of it.
BTC Technical Analysis
Bitcoin (BTC 0.1% Gain): Bitcoin seems to be failing in the face stiff competition. When compared to YFI, BTC comes second on the list of most valuable crypto assets. The top cryptocurrency, however, according to CoinMarket Cap yields to be the top crypto by market capitalization. Still, its earnings since yesterday are not so graceful when compared to its top competitions.
Bitcoin’s market awareness remains overly bullish with roughly 87% eager in extra earnings as the trading day matures.
Bitcoin wasn’t able to double up gains obtained since the last day. Although, as of now, BTC is up 7.4% in the 1-year timeline and also increased 1.1% within the last week.
Bitcoin will probably break the resistance at $11,800 and surge from there. Although the RSI is flat at the 50.0 level, the coin has cracked major resistance at $11,500.
- The next level of major support is $11,700
- Next level of major resistance is $11,800
- RSI is horizontal at 50.0 and further movement will be determined by the next direction of the RSI.
Bitcoin is now trading at $11,703 amid $216 billion of market capitalization.
YFI Technical Analysis
Yearn Finance (YFI tokens 30% Gain): YFI had a brilliant market grip within the last 24 hours. In the timeframe described, the coin gained around 30% to maintain a week-long market gain which accumulated to 121.8%.
At the time of writing this piece, YFI is trading at $12,800 while striding towards the $13,000 mark. This is about a 215% change in the biweekly timeframe.
The coin overcame the $12,500 resistance level and surpassed the immediate opposition at $12,800. Before midday, FYI tested the price level at $13,000 but failed to break the level properly. It later fell below to build strong support at $12,800.
Within the last 30 days, FYI gained around 1,105% to register an extensive profit amid the top gainer’s cryptocurrencies of the ongoing bull season.
- Next level of major resistance at $13,000
- Next level of major support at $12,700
- RSI has leveled out at the 90.0 level and seems to need a slight retracement.
YFI is currently trading at $12,890 as the cryptocurrency rides gracefully towards $13,000 in the short term.