Things could not get much worse following last week’s crypto market rout and this one has been an improvement. Total market capitalization is back over $200 billion as Bitcoin reclaimed the $7k level, but the bears are still lurking and the pain may not be over yet.
Bitcoin bounced off a six month bottom of around $6,500 on Monday and since then has made a solid 15% to current levels. According to the charts the gains came in two separate movements. The first was a quick push back to the $7,250 level where BTC remained until mid-week.
Bitcoin Price Chart of Last 7D, by Coinspace.com
Just when it looked like it would dump again after a quick dip to $6,900, the bulls stepped up and pushed the digital asset back higher to top out at $7,600. A final push on Thursday ended up with BTC back at last Friday’s prices of $7,650.
Again a drop followed but this time it bottomed at $7,400 during late trading yesterday before pushing higher again this Friday morning. At the time of writing BTC was hovering around the $7,500 level and looking to make another short term move higher.
Analysts are largely mixed at the moment with many holding off buying in until there is confirmation of the next move. On the upside BTC needs to break $8k or recover that huge nasty red candle from last week. On the down side the low $6k range could come into play which is likely to serve as another strong buying zone.
At the moment Bitcoin is holding above the 50 week moving average which could be a crucial indicator for the next big move.
Elsewhere on Crypto Markets
There is little point mentioning any of the altcoins at the moment as their movements are mirrors of the crypto daddy. Total market capitalization dumped to a seven month low of $180 billion on Monday but has since recovered back above $200 billion as $25 billion reentered the space.
Top 10 Crypto Assets Standings by Coinspace.com
Ethereum is still in pain and wallowing around the $150 level. With the Istanbul network upgrader just over a week away, and new ETH investment records being made in decentralized finance (DeFi), Ethereum prices should be moving. At the moment they’re stagnant, leaning bearish which goes against the fundamentals.
Ripple’s XRP has recovered a little this week but is still on the floor at lowest levels for over a year around $0.22. Most altcoins are still massively down having lost nearly all of their gains this year. The week has been positive but the bigger picture is still very bearish.
Read more at: https://coinspace.com/news/altcoin-news/weekly-roundup-markets-add-25-billion-bears-still-lurking