After a robust present final week, the broader cryptocurrency market has come underneath promoting stress as soon as once more. Over the weekend, BTC has proven indicators of promoting stress and is presently buying and selling 1% down at a worth of $22,060 and a market cap of $424 billion.
Widespread market analyst Rekt Capital explains: “BTC must Weekly Candle Shut above $22800 to start a reclaim of the 200-week MA as assist”. Nevertheless, BTC is more likely to shut this week underneath the 200 WMA assist.
This could imply that bears nonetheless have a robust grip over Bitcoin and crypto and final week’s bounce again wasn’t a formidable pattern reversal.
If the broader macro surroundings continues to disappoint going additional, we may most likely see BTC taking a dive underneath $20,000 as soon as once more.
Altcoin Market: Ether (ETH) Buying and selling Sentiment Turns Damaging
Final week, Ethereum posed a robust aid rally shifting previous $1,600 during the last weekend. Nevertheless, it has now corrected partially from the highest and is presently buying and selling at $1,528 ranges. On-chain information supplier Santiment explains that the ETH buying and selling sentiment has now dropped into detrimental territory. The information supplier writes:
Ethereum had an up and down Sunday, leaping above $1,640 earlier than dipping again right down to $1,540. The buying and selling crowd continues to not consider the hype, and is anticipating costs to fall heading into the #FOMC assembly. $ETH ought to proceed to remain risky.
However, the ETH gasoline price has dropped considerably. Citing information from Glassnode, crypto analyst Colin Wu explains:
Ethereum’s 7-day common gasoline price reached 25.825 Gwei, a file low in a yr. Yesterday, the minimal gasoline price was lowered to 3gwei, the present gasoline price is 4gwei, the ETH switch price is $0.51, and the ERC20 switch price is $1.
— glassnode alerts (@glassnodealerts) July 25, 2022
Different altcoins like Cardano (ADA) and Polygon (MATCI) have been doing comparatively properly registering double-digit returns final week. But when the promoting stress continues, the broader crypto market cap would possibly tank underneath $1 trillion.
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