• 23 July, 2024
Market News

Cryptocurrencies Trade Near Support Levels, With Bears in Control

Cryptocurrency markets have seen a recent downturn in prices over the past few hours, with bears taking control of the market and pushing many of the major coins to trade near key support levels. The cryptocurrencies have been trading in a sideways movement over the weekend, with the latest sell-off pushing prices toward their support points. Bitcoin, Ethereum, and Ripple all posted minor losses in the last 24 hours as traders look to adjust to the new bearish sentiment.

Cryptocurrencies price heatmap:Coin360

As the end of March approaches, the fate of Bitcoin’s 2022 bear market hangs in the balance. The cryptocurrency is currently experiencing a period of uncertainty, with $30,000 seemingly out of reach despite some sporadic volatility.

Despite a week of surprises from the macroeconomy, including decisions made by the US Federal Reserve, BTC/USD has remained relatively flat. The next few days are expected to bring a period of stability, culminating in a crucial monthly close that may signal the beginning of a new bullish trend. March has seen Bitcoin rise by 20%, making the upcoming days a critical period for the ongoing recovery from its multi-year lows.

BTC Price Analysis

Bitcoin managed to close the week with a modest flourish, returning to the $28,000 mark, but the bears have been in control since then. The market is hovering just above the $27,000 level at the time of writing and looks to be eyeing a test of the crucial support level near $26,800.

BTC/USD technicals:TradingView

A return below this point could trigger some heavy losses for Bitcoin in April, while a breach of resistance at $28,500 could see the bulls race back in and re-ignite the rally. Despite the waves of volatility that occurred in between, BTC/USD remained largely unchanged compared to last weekend, providing a remarkable level of steadiness. Nevertheless, worries are surging that the market may be unable to maintain its present status quo.

The four-hour chart reveals that the pair has been oscillating between $26,500 and $28,900 for a period of time. Notably, both the 20-EMA is level while the RSI hovers slightly above neutrality; in other words, market forces are currently at equilibrium.

If the price of the pair breaks above $28,900, it will indicate that bulls have successfully overpowered bears and signify a return to an upward trend. However, if it falls below $26,500 instead then there is a chance for prices to tumble as low as $24,000 with stops at $25,250 first.

Ethereum price analysis

Ethereum is trading at $1,762.77 at the time of writing, up 5.5% for the week but off its high of $1,800 seen around midweek. The broader trend remains bearish and Ethereum is trading within a defined range between $1,600-$1700 as traders await further direction from the market. The pair could see some volatility in the near term, but the longer-term trend of Ethereum remains positively steady.

ETH/USD daily chart:TradingView

The four-hour chart shows that Ethereum has been oscillating between $1,715 and $1800 over the last week. Notably, both the 20EMA and 50EMA are bearish while the RSI is slightly below neutrality; This implies that bears are still in control of the market.

If Ethereum breaks above $1800, it could indicate that bulls have successfully overpowered bears and initiated a return to an upward trend. However, if it fails to break this level then there is a chance for it to fall back down to its support at $1,600 with stops at $1,650 first.

Top gainers and losers in crypto today:Coinmarketcap

The altcoin’s performance shows most of them are holding near the support and resistance level, with the top 20 altcoins trading mostly in the red. Select top 20 altcoins have registered minor gains of around 1%.

For instance, the top gainers of the day are NEO, MASK, and ssv. Network SSV, while the worst performers are Loopring, SIngularity AGIX, and DASH. Given the current market conditions, it is likely that the next week will be a period of consolidation as traders wait for more clarity on the direction of certain altcoins.

Crypto Companies Find New Friends in Chinese Banks, Thanks to Hong Kong Read Previous

Crypto Companies Find New Friends in Chinese Banks, Thanks to Hong Kong

$7.8 Million Stolen from LaunchZone DeFi Project Due to Security Breach Read Next

$7.8 Million Stolen from LaunchZone DeFi Project Due to Security Breach