The new week is not looking too good for most cryptocurrencies. The crypto market is seeing a massive bearish sentiment. As a result, most crypto assets are returning to levels they left a few weeks ago.
The downtrends in the price of most is visibly affecting the global cryptocurrency market cap. Over the last 24 hours, the sector lost more than 2%. This is a continuation of the previous week’s downtrend. The industry opened the intraweek session with valuations at $1.68 trillion. A closer look at the charts suggests that it failed to surge higher.
It is also worth noting that the crypto market’s value for stagnant for an extended period of time. This is as a result of most asset seeing little or no volatility. In the end, it closed at $1.64 trillion which meant no notable change in worth in the end.
With a focus on the new week, most cryptocurrencies are still grappling with low trading volume of increased selling volume. Will that change soon?
Top Three Cryptocurrencies to Watch
Bitcoin (BTC)
Over the past seven days, the primary cryptocurrency failed to record any significant increases. A detailed analysis of the chart revealed a balanced struggle between bulls and bears, as evidenced by the doji patterns representing the week’s price actions.
Bitcoin initiated the previous session with a slightly bullish tone, attempting to reclaim some lost levels, notably $43,000. Starting Monday at $41,701, it peaked at $43,324 but retraced to a low of $42,493. Despite another positive day on Tuesday, BTC did not register substantial positive changes.
Thursday proved to be the most active day for the top coin. Opening at $42,738, it experienced a modest increase before a correction. The retracement broke the $41,000 support, descending until rebounding at $40,600. However, it ultimately recovered and closed at $41,283, reflecting a loss of over 3%.
A closer examination of the daily chart suggests that the current week is more challenging than the previous one. In the previous intraday session, BTC witnessed one of its most significant downtrends. It began trading at $41,555 and retraced in the final hours of the day, breaking the $40,000 support and dropping to $39,437 but ultimately closing higher. The day concluded with losses of almost 5%.
Presently trading at $39,168, Bitcoin is recovering from a low of $38,505, possibly signaling the initiation of an uptrend that could see the leading asset reclaim lost levels, including the formidable $41,500 resistance.
The aforementioned prediction is contingent on price movement, as indicators currently remain silent. It is noteworthy that if the prevailing trend persists, Bitcoin may decline to $36,000 before experiencing a rebound. The Relative Strength Index does not contradict the possibility of such an event
