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.
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.
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