While Ethereum continued to fall and was holding below the $1,900 level, Bitcoin attempted to show some rebound following the weekend losses but remained below the $28,000 barrier.

On Monday, the price of bitcoin and other digital coins fluctuated. All of their gains from the weekend selling were lost due to the digital asset market. The monetary path cues, however, are being closely watched by traders. Throughout the week, traders will be watching important economic happenings.

The biggest cryptocurrency asset, Bitcoin, made an effort to rebound from the weekend losses by rising modestly, although it remained below the $28,000 level. Ethereum, its biggest rival, fell for a second session and was staying below the $1,900 level. Other cryptocurrencies were trading in a confusing manner.

As it entered a correction phase over the weekend, which decreased investor confidence, Bitcoin traded below the $28,000 mark. This might be as a result of traders and investors taking into account macroeconomic and crypto industry-specific risks.

The next level of support, if the price declines from its current level, would be $27,119, followed by $26,500. Ethereum, on the other hand, reverses all Shanghai upgrade gains. Overall, the market appears negative right now.

On Monday, leading tokens traded with a diverse bag of signals, but the price movement was restricted to the top names. Avalanche was down 2% among the losers, followed by Dogecoin and Polygon. Among the worst losers were Solana and Cardano. Shiba Inu, Tron, and Litecoin, on the other hand, all had a 1% increase.

The market capitalization of all cryptocurrencies was essentially unchanged, hovering around the $1.17 trillion level after somewhat increasing over the previous day. The total trading volume did, however, increase by more than 1% to $31.49 billion.

Due to the closing of long positions and a breach of crucial support near $26,500, bitcoin has lost 10% over the last three days. US yields rose as a result of data from polls of the US economy’s strength and higher-than-anticipated US inflation figures, which hurt low-yielding crypto assets.

Another issue putting pressure on cryptocurrencies is uncertainty regarding the regulatory environment in the US. The long-term price outlook for Bitcoin makes sense when taking into account macro variables, on-chain patterns, and technical indications, despite the short-term market overheating. As Bitcoin experiences a large decline, bargain hunters and dip buyers are anticipated to invest.

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