Market Moves: Bitcoin’s highly anticipated Taproot upgrade fails to produce any noticeable price pop.

Technician’s take: Short-term upside appears to be limited given the loss of positive momentum.

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Prices

Bitcoin (BTC): $64,514 +0.4%

Ether (ETH): $4,562 -1.7%

Market moves

Bitcoin was trading flat after Taproot, the blockchain’s biggest network upgrade in four years, went live.

The upgrade, which took effect at 5:15 coordinated universal time (1:15 a.m. HKT/SGT), had been closely tracked by cryptocurrency traders and analysts as a supporting market factor, though many experts had told CoinDesk earlier this month that the phase-in was likelier to be seen as a long-term technological advance than a near-term price catalyst.

The tech milestone was celebrated by Bitcoin enthusiasts, with at least one pop-up “Taproot.watch” website posting a commemorative (and somewhat amusing) video to ring in the blockchain’s new era.

“Although the Taproot upgrade is generally a positive development, the verdict is still out if it will make a big improvement to the blockchain world,” Apifiny CEO Haohan Xu wrote in emailed comments.

The largest cryptocurrency has been trading mostly in the low $60,000′s since hitting an all-time high near $69,000 last week. Researchers at the crypto exchange Kraken wrote Friday that buy orders are concentrating around $62,000, while there…

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