Market Wrap: Bitcoin Rebounds to $11.5K; Ethereum's Gas Woes Worsen

Bitcoin trading around $11,595 as of 20:00 UTC. Gaining 2.1% over the previous 24 hours.

BTC above the 10-day and slightly above the 50-day moving averages, a sideways yet turning bullish signal for market technicians.

Bitcoin rebounded Wednesday, making gains from a 24-hour low of $11,119 on spot exchanges like Coinbase, a price point not seen since Aug. 5.Constantin Kogan, partner at crypto fund-of-funds BitBull Capital, sees a sideways market where the price of bitcoin could go either way.

"If sellers take control of the market, it is likely that BTC will be seen at $11,390 per coin. However, there is a chance the market will overcome resistance at $12,000 and retest the annual high at $12,300," Kogan told CoinDesk.

Where the market goes next may very well hinge on the largest players.

Institutional interest has a huge role in the crypto market for 2020, added Kogan.

"There's a lot more upside to this market, but there will be sharp pullbacks along the way," Douglas told CoinDesk.

Ether, the second-largest cryptocurrency by market capitalization, was up Wednesday trading around $388 and climbing 2.7% in 24 hours as of 20:00 UTC.The average fee on the Ethereum network required to conduct transactions, including in decentralized finance, or DeFi, applications, is as high as it has ever been.

This is particularly true for market makers that have seen the price of gas double in just the past week and cannot predict just how much higher it might go in the near term due to the explosion of interest in DeFi overall.

"We and a few other market makers have been forced to stop quoting since gas cost is so high."