The crypto market is up 1.5% in 24 hours to $1.41 trillion. The dynamics of coins over the past 7 days have been mixed.
Bitcoin gains 0.7%, Ethereum loses 1.6%, while the top altcoins varied from -5.8% for #Tron and -5% for XRP to +23% for #Avalanche and +4.7% for #Dogecoin.
#Bitcoin sticks to its uptrend channel. In #Ethereum, the trend of higher local lows over the last four weeks is noticeable.
The technical picture in the altcoins is setting up for another change of leaders in the second tier.
#Solana has risen for the past month, gaining around 130%. However, the price is still 77% below its peak in October 2021.
#XRP and #Litecoin, once some of the leading altcoins, are not yet in favour of the market. Like the coins above, they started to rise in the second half of last month but have come under more pressure in the last two weeks, reversing the upward trend. It's worth being prepared for them to underperform the market for the foreseeable future as the focus of developers and holders shifts.
Bitcoin gains 0.7%, Ethereum loses 1.6%, while the top altcoins varied from -5.8% for #Tron and -5% for XRP to +23% for #Avalanche and +4.7% for #Dogecoin.
#Bitcoin sticks to its uptrend channel. In #Ethereum, the trend of higher local lows over the last four weeks is noticeable.
The technical picture in the altcoins is setting up for another change of leaders in the second tier.
#Solana has risen for the past month, gaining around 130%. However, the price is still 77% below its peak in October 2021.
#XRP and #Litecoin, once some of the leading altcoins, are not yet in favour of the market. Like the coins above, they started to rise in the second half of last month but have come under more pressure in the last two weeks, reversing the upward trend. It's worth being prepared for them to underperform the market for the foreseeable future as the focus of developers and holders shifts.
The #crypto market lost 4% in 24 hours, falling to a cap of $2.53 trillion. #Bitcoin (-3.7%), #Ethereum (-4.5%) and #BNB (-3.5%) are all down by the same amount. #Solana (-6.4%) and #Doge (-7.9%) are lagging the market, not to mention the systematically weak #Avalanche (-7% for the day and -17% for 7 days) and #Cardano (-4.5% for the day and -19% for 30 days).
A promising consolidation has yet to bear fruit. For Bitcoin, the bullish chart picture has not changed: we see only an extension of the consolidation after the rally from the January lows to mid-March. The next key support area is $62.8-63.0K, where the 50-day moving average and the lows of the corrective pullback in March are centred.
Ethereum has been testing the 50-day MA since the beginning of the day, which actively played the role of support in March. It has been rising steadily since the end of last year, but too much distance from it has caused corrections on more than one occasion.
A promising consolidation has yet to bear fruit. For Bitcoin, the bullish chart picture has not changed: we see only an extension of the consolidation after the rally from the January lows to mid-March. The next key support area is $62.8-63.0K, where the 50-day moving average and the lows of the corrective pullback in March are centred.
Ethereum has been testing the 50-day MA since the beginning of the day, which actively played the role of support in March. It has been rising steadily since the end of last year, but too much distance from it has caused corrections on more than one occasion.
The #crypto market capitalisation remained almost unchanged overnight at $2.63 trillion, showing a sharp decline in volatility. Bitcoin settled near the $71K level (+0.2%), while #Ethereum settled near $3800 (-0.9 %). Prices of top altcoins changed between -1.2 % (#Avalanche) and +2.7% (#Toncoin).
The lull in the crypto market is probably due to expectations of important macroeconomic data from the US and the Fed's reaction to them. An important test is Friday's labour market statistics, with the FOMC rate decision and inflation to follow next week.
Technically, #Bitcoin remains at an important resistance area, a break of which could trigger a FOMO rally with a quick update of historical highs. A reversal down from this area would send BTCUSD towards $60K.
The options market has bet on Bitcoin rising above $74,000 by the end of June, suggesting increased expectations of a "decisive breakout" of the all-time high, QCP Capital believes.
The lull in the crypto market is probably due to expectations of important macroeconomic data from the US and the Fed's reaction to them. An important test is Friday's labour market statistics, with the FOMC rate decision and inflation to follow next week.
Technically, #Bitcoin remains at an important resistance area, a break of which could trigger a FOMO rally with a quick update of historical highs. A reversal down from this area would send BTCUSD towards $60K.
The options market has bet on Bitcoin rising above $74,000 by the end of June, suggesting increased expectations of a "decisive breakout" of the all-time high, QCP Capital believes.