The week has spelled a bullish dynamics in the past days for the global cryptocurrency market as the combined valuation topped $2 trillion for the first time. With many coins around, the dominance of Bitcoin (BTC), and Ethereum (ETH) is still a defining factor in the overall trend.
Bitcoin bulls fights to keep control in defiance to market bears
The ongoing volatility surrounding Bitcoin is stirring an overweight action on the as bear pressure is coming out to be visible. As observed in the broader market, Bitcoin’s dominance is reducing as the current 56% is below the 65% dominance rate always flaunted in the past week.
As seen on the BTC-USD 4-hour chart on TradingView, the current price of the digital asset is at an is bowing to bear pressure wherein, a sustained sell-off by the bears will push the price further down below the $55,000 support level. Should the price break lose off the lower bands of the Donchian Channels we may see a steep reversal back to the $54,000 support level. A prevalent win for the bulls can send the price up to regain control at the $58,000 price level in the coming days. Bitcoin is trading at $56730.2 down 2.91% at the time of writing according to the CEX.IO market feed.
Ethereum fighting to maintain support at $2,100 failed
Ethereum recently surged to a new ATH of $2,152.45 and the characteristic profit-taking activity of the bears is preventing further bullish runs. Currently trading at $1,989.97 with a loss of 5.87%, Ethereum is fighting to keep the support at $1,950.
While the Chaikin Money Flow and RSI indicators are pointing to a bearish sell-off in the market, the buyer’s zeal to steer the price in the upward direction at this point can only be instigated by a rebound at the $1,960 price mark. Either way, ETH can make a dip to $1,700 on the back of reduced market sentiment while a bullish dive can see price crest above $1,900 in the near term.
The above content is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. The trading of commodities, cryptocurrencies and currencies involves significant risk. Prices can fluctuate on any given day. Because of such price fluctuations, you may gain or lose the value of your assets at any given moment. A cryptocurrency/currency may be subject to large swings in value and may even become absolutely worthless. There is always an inherent risk that losses will occur as a result of buying, selling or trading anything on the market. Cryptocurrency trading has specific risks, which are not shared with other official currencies, goods or commodities in a market. Every user has to carefully assess whether his/her financial situation and tolerance for risk is suitable for buying/selling/trading cryptocurrency.
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