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.

Bitcoin

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. 

Ethereum

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Crypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies News

MATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

More MATIC News

AVAX price offers a bullish opportunity before Avalanche hits new all-time highs

Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News

XLM price building base for bullish breakout

Stellar bulls are in the last phase of completing a bullish triangle. As XLM price is getting squeezed against the base ($0.40), expect a quick breakout of 12%. After taking a breather, expect another 10% of profits to follow. 

More Stellar News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP