The crypto market has been experiencing a bearish sentiment over the past few hours, as prices continue to fall across all major cryptocurrencies. Bitcoin and Ethereum have seen significant decreases in value, dropping by over 2% in the last 24 hours.
Over the weekend, short-lived bull runs briefly brought some hope to the market, but sentiment quickly turned bearish again and prices began to decline. There were some minor gainers in the mix as well, with coins like Celo and Apecoin showing slight gains amid the selloff.
Bitcoin retraced to the $16,100 level from 17,500 and currently looks bearish. Ethereum dropped as well to a low of $1,000 from $1,100 levels. Both Bitcoin and Ethereum are experiencing an overall downtrend, but analysts believe that more losses could be on the horizon for both coins.
BTC/USD and ETH/USD Technical analysis
Bitcoin closed the week at a peak of $16,753.5 but during the entry of this week’s trading session plummeted and trades at $16,203.71. The momentum is too weak to lift the price above $16,500 again so the market will most likely be in consolidation more often than not until a new high would appear.
However, the weekly RSI for BTC/USD lies near the oversold zone and that might indicate a reversal. The MA-50 is in a daily uptrend crossing the MA-200, which is also in a downtrend and pointing upwards. The direction of the next move depends on if buyers can push prices above $17000 or if sellers will sustain below $16500.
As for Ethereum, it has also been facing significant losses over the past few days and is currently trading at around $1,172.52. The RSI has dropped to the oversold zone indicating that a reversal might be imminent. However, Ethereum may see further losses if buyers fail to maintain prices above $1,200.
Altcoins Performance
Altcoins are also facing similar losses, with only a few minor gainers in the mix. However, most of the altcoins are not badly affected by the current market sentiment and have managed to weather this recent downturn.
In general, it is still too early to predict when the crypto market will see an end to this bearish trend. In the last 4 hours, Celo is the top gainer, garnering over 14.92% in gains. Other minor gainers include Apecoin with over 2.88% and USDN with 2.57%.
Huobi Token is the worst performer in the past 24 hours, with losses of over 10.98%. Other major losers include Curve DAO and Quant, which have both dropped by more than 8% since yesterday.
In the next few hours, the market is likely to consolidate, as traders wait to see if prices will continue to fall or if they can bounce back. Overall, the crypto market is likely to remain bearish until we see some positive news or fundamentals that could push prices in a new direction.
