• 18 June, 2024
Market News

Crypto Market Analysis: Cryptocurrencies Consolidate, Bitcoin Tests $17,000

The overall cryptocurrency price analysis indicates the cryptocurrencies have shifted to the bearish market sentiment after a short-lived period of recovery. Bitcoin managed to break and hold above the $17,000 mark with a price of $17,005.20 at press time. The total market capitalization fell from approximately $860 billion in the previous week to $853.65 billion.:

Cryptocurrencies price map: Coin360

At press time, Ethereum rose slightly above$1,200 the level where it has been consolidating for the past 24 hours. Litecoin has been trading sideways between $79.75 and $83.82 with a downward price movement of approximately 3.64%.

Bitcoin and Ethereum Price Analysis

Bitcoin has remained above $17,000 in the last two days, reaching a price of $17,055.58 at press time. The cryptocurrency is moving toward breaking the resistance level of $17,200, testing it twice in the last day alone. Bitcoin is trading above the weekly resistance level of $15,979.28 but below the 38.2% Fibonacci Retracement level of $17,749.25 from its previous highs and lows at $20,174 -$12,506.

Bitcoin is trading above the SMA 100 at $16,597.24, below the SMA 20 at $17,834.29, and the SMA 50 at $19,079.05. Resistance levels are seen at $17,200 and $18,000 while support levels remain at $15,000 and $14,250.

BTC/USD daily chart: TradingView

Ethereum has maintained a downward trend over the last 3 days losing nearly 10% since hitting an intraday high of $1,300. Ethereum is trading above the weekly support level of$1,219.46 but below the 38.2% Fibonacci Retracement level at $1,303.64 from its previous highs and lows between $1,252.47 -$1,302.24.

ETH/USD daily chart: TradingView

The technical indicators show Ethereum is in a neutral trend with a significant ‘failure swing’ at $1,303.64. The relative strength index (RSI) is at 45.11 and the MACD is around the zero level which indicates consolidation for the time being until the next break of either support or resistance.

Altcoins price action: Downward trend with a slight correction

Altcoins have followed Bitcoin and Ethereum in their continued downward trend. The majority of altcoins are still below their weekly resistance levels, testing them again after the market retraced earlier in the day.

The top gainer of the day is Synthetix has an uptrend of 6.59% while the biggest loser is Dogecoin with a downward movement of 6.33% at press time. The cryptocurrencies experienced a short-lived period of recovery last week.

The market sentiment has shifted to the bearish zone and traders should be cautious about trading in the short term. The recent price action shows that traders who bought at the retracement of $16,500 last week have sold their positions while those who bought on new lows are holding to see if the price breaks above $17,200. The cryptocurrency market might undergo some consolidation before it enters a period of volatile trading within the next few days.

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