Crypto: Bears still control the range
Market overview
The crypto market cap has changed slightly over the past 24 hours, amounting to $2.38T. Growth at the start of the US session was met with increased selling, once again highlighting the importance of the current area's resistance, which includes the 50-day moving average and last week's peak. Among the top coins, the top five — BTC, ETH, BNB, XRP, SOL — are trading down compared to 24 hours ago, but smaller coins — ICP, XMR, ATOM, AVAX, BCH — have risen by 2% to 5%.
Bitcoin did not make a promising breakthrough on Tuesday, with a local peak near $71.7K, below last week's highs around $74K. In the short term, the 50-day moving average proved a formidable resistance level, preventing the bulls from swiftly turning the tide in their favour. This indicator often signals the medium-term trend, and a confident break above it would be an important turning point in the coming days.
Ethereum is losing momentum on its way to $2100, having declined last night. The second-largest coin is trading above its multi-year support but lacks the momentum to rebound from this level. ETHUSD has been stuck in a range for the past five weeks, and only a breakout beyond $1800-$2150 could signal a victory for one side, potentially leading to further strong movement in the direction of the breakout.
News background
The crypto market has entered a period of stabilisation, but Glassnode believes that a full return to a Bitcoin bull market requires an influx of new capital. At the same time, there are early signs of improvement in the BTC network amid a gradual stabilisation of market conditions.
Bitfinex notes that Bitcoin's further movement will depend on oil prices, US government bond yields, and Fed policy, while news from the crypto industry itself has taken a back seat.
Daily oil trading volume on the decentralised Hyperliquid platform exceeded $1.5 billion, displacing Ethereum from second place in terms of popularity.
Against the backdrop of the crypto market's recovery, institutional investors and state holders have begun to move cryptocurrency more actively, Arkham Intelligence notes.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
