The cryptocurrency markets have seen some minor gains across the board as Bitcoin continues to consolidate below $17,000.Ethereum on the other hand has broken below $1,200 for the first time in a couple of weeks and is trading around $1,195.85.
The top gainers in crypto today include OKB which has surged by over 2.60% in the past 24 hours. Internet Computer and Terra Classic are among the top gainers in the last 24 hours.The worst performed cryptocurrencies for the day are Chain CXN which has declined by 11.22% and Toncoin Ton which has declined by 10.57% respectively.
The cryptocurrency market is still largely range-bound as investors remain cautious while Bitcoin continues to hold above $16,000 mark and Ethereum remains below the $1,200 resistance. Investors are closely watching out for the upcoming news on stimulus packages and other economic developments that could potentially influence the crypto markets.
Meanwhile, Crypto Analyst BitBoy has alleged that certain prominent figures from both Republican and Democratic Parties may be associated with a former proprietor of FTX exchange and Alameda Research, who is presently facing conviction. Moreover, he also provided some information which was apparently obtained as part of his investigation.
Bitcoin’s and Ethereum’s price movement will remain the deciding factor for the crypto markets in the near term. With minor gains seen today, it remains to be seen if a major move is on its way or not.
Bitcoin and Ethereum Technicals Analysis
Bitcoin is trading at $16,664.45 after falling below $16,800 previous support that has been held for the past week. The next major resistance is at $17,000 and if Bitcoin breaches it, we could see a further push towards all-time highs.The next key suport level is at $16,500 while the MACD and RSI are indicating a slight bearish momentum.
Ethereum is trading at $1,195.85 after making lower lows for the past few days. The key support levels Ethereum needs to breach in order to continue its previous bull run are at $1,400 and then $1,250. The MACD and RSI are both indicating a bearish momentum.
Overall, investors are still waiting for the crypto market to break out from the current trading range and make further gains.The Crypto markets have been relatively stagnant today and any major moves could be seen in response to external events or news.
