After a powerful present final week, the broader cryptocurrency market has come beneath promoting strain as soon as once more. Over the weekend, BTC has proven indicators of promoting strain and is at present buying and selling 1% down at a worth of $22,060 and a market cap of $424 billion.
Popular market analyst Rekt Capital explains: “BTC needs to Weekly Candle Close above $22800 to begin a reclaim of the 200-week MA as support”. However, BTC is more likely to shut this week beneath the 200 WMA help.
This would imply that bears nonetheless have a powerful grip over Bitcoin and crypto and final week’s bounce again wasn’t a formidable development reversal.
If the broader macro surroundings continues to disappoint going additional, we may in all probability see BTC taking a dive beneath $20,000 as soon as once more.
Altcoin Market: Ether (ETH) Trading Sentiment Turns Negative
Last week, Ethereum posed a powerful reduction rally shifting previous $1,600 over the past weekend. However, it has now corrected partially from the highest and is at present buying and selling at $1,528 ranges. On-chain information supplier Santiment explains that the ETH buying and selling sentiment has now dropped into destructive territory. The information supplier writes:
Ethereum had an up and down Sunday, leaping above $1,640 earlier than dipping again right down to $1,540. The buying and selling crowd continues to not imagine the hype, and is anticipating costs to fall heading into the #FOMC assembly. $ETH ought to proceed to remain risky.
On the opposite hand, the ETH gasoline charge has dropped considerably. Citing information from Glassnode, crypto analyst Colin Wu explains:
Ethereum’s 7-day common gasoline charge reached 25.825 Gwei, a document low in a yr. Yesterday, the minimal gasoline charge was lowered to 3gwei, the present gasoline charge is 4gwei, the ETH switch price is $0.51, and the ERC20 switch price is $1.
— glassnode alerts (@glassnodealerts) July 25, 2022
Other altcoins like Cardano (ADA) and Polygon (MATCI) have been doing comparatively nicely registering double-digit returns final week. But if the promoting strain continues, the broader crypto market cap may tank beneath $1 trillion.
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