This week’s market recap
This week, the global cryptocurrency market experienced mixed sentiments as it entered a consolidation phase. The overall market cap dropped slightly from $1.66 trillion to $1.65 trillion. While some assets performed well, others succumbed to bearish pressure.
Bitcoin SV crosses $100
Bitcoin SV (BSV) was one of the standout performers this week. Although its early price movements were not entirely encouraging, with a 2.05% drop after a 4% increase, BSV quickly recovered. It appreciated by an impressive 73.32% from Dec. 27 to Dec. 28, eventually reclaiming the $100 level for the first time since April 2022.
Currently, BSV has dipped below $100 but maintains its upward momentum, with a 101% increase this month and a 90.8% increase this week. The token’s RSI has surged to 84.40, indicating bullish momentum and overbought conditions.
BCH hits 5-month high
Bitcoin Cash (BCH) has been leveraging the market-wide uptrend at a slower pace compared to other cryptocurrencies. While it hasn’t surpassed its figures from July, BCH recently reached a high of $287 on Dec. 30 before facing resistance.
From a technical standpoint, BCH is in favorable territory with bullish momentum indicated by its MACD indicator. The crypto asset currently trades at $266, up 18% this week. However, its Commodity Channel Index (CCI) has surged to 171, suggesting that the price may be overbought and due for a correction.
FTT holds above $3
The FTX Token (FTT) began the week on a bearish note but has since made a comeback. Despite being down 8% over the past week, FTT is holding above the $3 price level and defending the support.
If FTT manages to break the $3.6 level, its next crucial resistance sits at $3.995, bringing it back to November highs. The token’s CCI currently indicates oversold conditions. FTT trades above the 200-day EMA but slightly below the 50-day A, suggesting mixed sentiments with a bullish long-term prospect and bearish short-term outlook.
Hot Take: Mixed Sentiments in Cryptocurrency Market
This week in the cryptocurrency market was characterized by mixed sentiments as consolidation took hold. While some assets like Bitcoin SV (BSV) crossed the $100 mark and experienced significant appreciation, others like Bitcoin Cash (BCH) reached a 5-month high but faced resistance. The FTX Token (FTT) saw a bearish start to the week but managed to hold above $3. Overall, bullish momentum and overbought conditions were observed in BSV, while BCH showed favorable technical indicators but also signaled potential overbought conditions. FTT displayed mixed sentiments with a bullish long-term outlook but a bearish short-term perspective. As we move forward, it will be interesting to see how these assets perform and if sentiment shifts in the cryptocurrency market.
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