• 29 May, 2024
Market News

Crypto Market Analysis: Sideways Trading in the Crypto Market as BTC and ETH Retrace

Bullish momentum fades and BTC and ETH retrace to $16,484.73 and $1,185 levels while altcoins exhibit mixed price action. Bitcoin is currently trading below the key technical level of $17,000 as it trades at around $16,500. Ethereum is being traded below $1,200 with a strong support level of $1,100. The recovery in the crypto market appears to be losing steam as Bitcoin and Ethereum have retraced from their daily highs. This has been followed by a decrease in altcoins price action with some cryptocurrencies exhibiting bullish momentum while others are on the verge of breaking key support levels. 

Crypto market declines as the weekend approaches

The crypto market has been progressing well in the last 2 days and most of the cryptocurrencies have been able to recover from their lows. However, the momentum seems to be fading as Bitcoin and Ethereum are now being traded below $17,000 and $1,200 respectively. The market capitalization is currently sitting at $828.46 billion.

Key support levels for BTC/USD

BTC/USD has broken out from a key resistance level of $16,000 and touched a daily high of $17,364.93 earlier today. The pair has now retraced to around $16,484.73 where it is trading at the moment. It is moving below a strong support level of $15,500 as well as key support levels of $15,000 and $14,500. To the upside, BTC/USD needs to break resistance levels of $17,000 and $17,500 in order to continue its bullish momentum.

BTC/USD daily chart:TradingView

Key support levels for ETH/USD

ETH/USD has been trading below a key resistance level of $1,200 during the last 24 hours but it has managed to rise past this level to reach a high of $1,285. The pair has now retraced and is currently trading at around $1,195. It is trading below key support levels of $1,100, $1,000, and $950. To the upside, ETH/USD needs to break a resistance level of $1,300 in order to continue the bullish momentum.

ETH/USD daily chart:TradingView

Altcoins price action

Binance coin is leading other altcoins in the market by rising more than 8%in the last 7 days and trading at around $296.24. It is being traded below a major resistance level of $299 and it has also broken out from a key resistance level of $280.0.Ripple is among the top performers, gaining over 8.41% in the last 24 hours.XRP is trading at $0.407 while Dogecoin has gained 4.47%, trading at around $0.08593.

Cryptocurrencies price heatmap:Coin360

The top performer of the day is the Huobi token which has increased by 8.44% following the announcement of HuobiGlobal is using Chainlink Proof of Reserve to help provide enhanced transparency around its wrapped HBTC token. The worst-performed altcoin is the LEO logo

UNUS SED LEO LEO as it is trading at $3.88 after a decline of 8.18%.

The overall market analysis indicates most of the cryptocurrencies are trading around the support areas while the rest are being traded above resistance levels. Market catalysts are currently lacking and most altcoins are in a consolidation phase. The market is expected to trade sideways as the weekend approaches.

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