So many events took place last week that saw the total value of the crypto market close the week at $1.46 trillion. The market was significantly at its lowest on Friday as it dipped as low as $1.37 trillion.
One significant cause of the drop is the Thailand SEC legal brawl with Binance. The Securities and Exchange Commission (SEC) in Thailand joined other regulators in lodging a criminal complaint against Binance. The Thai SEC alleged that Binance had persuaded the Thai public and investors to use its services through some unlawful means, hence the complaint.
As of the time writing, there have been no upcoming FUDs in terms of regulators or the government hardening its stance on BTC. The drop in the fear and greed index is a normal trend that has been going on for weeks. Here is how BTC may perform this week.
Bitcoin has been leading other cryptocurrencies in terms of price movements. Most coins responded to BTC calls last week when it hit the seven days low of $32,770. It was also thrilling to see BTC hit $36k for the time in days.
The fundamentals are set for the king coin to hit the $37,000. To guarantee the test of $37k this week, bitcoin will look to close the weekdays above $35k. Following the recent trend of a massive rally at the weekends, the stage is set for us to see a $37k BTC.
The largest coin by market cap may also see some price consolidation this week. On the daily time-frame chart, we are seeing a continuation pattern; the pennant. Taking a closer looking it almost impossible to over the downtrend before this pattern.
If market fundamentals don’t change, the king coin may dip as low as $30k this week before a price rally. The $30,000 support is one of the strongest and long term, it will take a negative change in fundamentals to break this support.
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