Bitcoin, as well as other cryptocurrencies, are still subject to bearish dominance, which is now in its third week. The crypto market has lost a significant amount of value over the last two intraweek sessions.
Since falling below $2 trillion in the previous seven days, the global cryptocurrency market cap has attempted but failed to reclaim this level. Over the last six days, the quest to reclaim $2T has been ongoing.
The listing of Shiba Inu, along with other projects, on Robinhood was one of the most important news stories during this time period. The announcement was met with great enthusiasm by the bulls, who are driving the various assets to new highs.
Bitcoin opened the current intraweek session at $42,129, but experienced an immediate correction, losing more than 6% of its value during the first intraday session. This is the apex coin’s largest move during the time period under consideration.
On Monday, it fell below the $40k support level and closed at $39,500. During that session, price action set up BTC for a battle to hold on to the highlighted support. The cryptocurrency saw minimal gains over the next two days and regained stability above $40,000.
On Wednesday, the apex coin flipped the $41k resistance, resulting in a nearly 3% increase. After losing an equal amount on Thursday, the asset under consideration retested $40k and has since struggled to maintain its position.
Bitcoin came perilously close to being oversold on Monday, with the Relative Strength Index (RSI) dropping as low as 35 before recovering the following day. BTC is still in the danger zone, as evidenced by the fact that the aforementioned indicator remains stable at 40.
As of this writing, the apex coin is trading below its pivot point and is getting closer to its first pivot support. Furthermore, the largest cryptocurrency is trading below its Displaced Moving Average (DMA), adding to the negative vibe surrounding the asset.
In the same situation as Bitcoin, Ethereum opened the week at $3,200 and was met with an immediate correction, losing nearly 7% of its value during the first intraday session.
This is the most significant move made by the largest alt during the time period under consideration. It lost the $3k support and closed at $2,970 on Monday. ETH experienced minimal gains over the next two days before regaining stability above $3,000. On Wednesday, the second largest cryptocurrency gained 3% after breaking through the $3,100 resistance level.
The bears reclaimed control of the market on Thursday, and ether fell more than 3%. It retested $3,000 support and has since struggled to hold the level. Throughout the week, we saw ether come dangerously close to testing the $2,900 support but fail due to an increase in demand concentration at the mark.
Concerns about ethereum becoming oversold loomed on Monday, as the Relative Strength Index (RSI) fell as low as 42 but recovered the next day, similar to BTC. The RSI is still below 50, indicating that ETH has not fully recovered.
During the first intraday session, the largest alt lost its pivot point. Throughout the rest of the week, ether traded above or below the mark. As of this writing, the asset under consideration is considered a bearish asset because it is trading below its pivot point. Furthermore, the second largest cryptocurrency is trading below its Displaced Moving Average (DMA).
02 Feb 2023
© 2015-2023 Coinposters. All rights reserved!