Bitcoin remains steady
Experiencing bearish periods in the crypto market can be challenging for newcomers. However, despite a 3% loss, Bitcoin has only dropped 0.8% from Friday to Monday morning. The daily time frame shows small downward movements that have been quickly recovered. Bitcoin is currently supported at $37,400, and the market will determine its next move.
If Bitcoin’s price holds, it will face a challenging resistance level at $38,000. Although the price briefly surpassed this resistance on Friday, it won’t be an easy task. On a positive note, there are two long wicks under the last two weekly candles, indicating upward pressure on the price.
The weak dominance of USDT suggests that more investors are holding Bitcoin and altcoins rather than stablecoins. This shift from support to resistance at the 6.4 to 6.44% level for USDT.D is promising for the crypto market.
Potential for altcoins
The total crypto market cap stands at $1.386 trillion, with the Total 3 market cap (excluding Bitcoin and Ethereum) retesting $407 billion while remaining within a bull flag pattern. This could be a bullish sign for the continuation of the crypto bull market.
Ethereum’s crucial retest
Ethereum is currently testing the upper boundary of its own bull flag pattern. Holding this line is vital for Ethereum’s price ($ETH) and will impact the entire Ethereum ecosystem.
Considering these factors, a bounce in the market may be imminent. However, it’s important for traders to employ proper risk management and make wise trading decisions.
Hot Take: A Potential Market Bounce on the Horizon
Despite recent losses, Bitcoin has remained relatively steady, and the crypto market is showing signs of a potential bounce. With Bitcoin holding strong and altcoins displaying bullish patterns, the market may continue its upward trajectory. Ethereum’s crucial retest also adds to the positive sentiment. However, traders should exercise caution and employ risk management strategies to navigate any unexpected market developments. Stay informed and trade wisely.
By
By
By