After a strong show last week, the broader cryptocurrency market has come under selling pressure once again. Over the weekend, BTC has shown signs of selling pressure and is currently trading 1% down at a price 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 likely to close this week under the 200 WMA support.
This would mean that bears still have a strong grip over Bitcoin and crypto and last week’s bounce back wasn’t a formidable trend reversal.
If the broader macro environment continues to disappoint going further, we could probably see BTC taking a dive under $20,000 once again.
Last week, Ethereum posed a strong relief rally moving past $1,600 over the last weekend. However, it has now corrected partially from the top and is currently trading at $1,528 levels. On-chain data provider Santiment explains that the ETH trading sentiment has now dropped into negative territory. The data provider writes:
Ethereum had an up and down Sunday, jumping above $1,640 before dipping back down to $1,540. The trading crowd continues to not believe the hype, and is expecting prices to fall heading into the #FOMC meeting. $ETH should continue to stay volatile.
On the other hand, the ETH gas fee has dropped significantly. Citing data from Glassnode, crypto analyst Colin Wu explains:
Ethereum’s 7-day average gas fee reached 25.825 Gwei, a record low in a year. Yesterday, the minimum gas fee was reduced to 3gwei, the current gas fee is 4gwei, the ETH transfer cost is $0.51, and the ERC20 transfer cost is $1.
📉 #Ethereum$ETH Median Gas Price (7d MA) just reached a 1-year low of 20.880 GWEI
Other altcoins like Cardano (ADA) and Polygon (MATCI) have been doing relatively well registering double-digit returns last week. But if the selling pressure continues, the broader crypto market cap might tank under $1 trillion.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.