ETH and near-term return to $1,700 in Hands of Genesis

On Sunday, Bitcoin (BTC) fell by 0.27%. BTC partially reversed the 0.46% gain from Saturday, ending the week 8.77% higher at $22,713. It should be noted that BTC visited $23,000 for the second time since August.

After a range-bound morning, BTC rose to a mid-afternoon high of $23,072 before retreating. When BTC failed to reach the first major resistance level (R1) at $23,276, BTC dropped to a late low of $22,310. BTC briefly fell through the first major support level (S1) at $22,350 before ending the day at $22,713.

Genesis and Binance News left BTC and ETH in a choppy Sunday session

It was another choppy session for BTC and ETH on Sunday. Market concerns about a Genesis bankruptcy tested buyers’ appetites on Sunday. Today, the first bankruptcy hearing will attract a lot of attention, as the platform’s net debt profile is likely to affect investor sentiment.

Minimal loss to lenders would limit the impact on BTC, ETH, and the broader crypto market.

The news of Binance users losing access to SWIFT also weighed on investor sentiment. However, Binance clarified that Signature Bank has made changes, as users can only transfer $100,000 or more via SWIFT.

Today, Shanghai hard fork talk and a Genesis bankruptcy hearing are likely to be major areas of interest. There are no US economic indicators or FOMC members speaking to distract investors. However, risk sentiment may affect the broader market and the Nasdaq this afternoon.

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