The last 24 hours have no doubt been an exciting one for traders. Some cryptocurrencies made the bulls proud while some excited the bears. On average, the crypto market has been more bullish than the other way in the last 24 hours. The balance of power is tipping to one side and the bears look to be gaining.
Here is the crypto market outlook for today:
Bitcoin has enjoyed another price hike in the last 24 hours. The price hike saw BTC flip the $59k resistance to record a new high this week. With a new weekly high of $59,658, BTC steers clear of $56k and closer to $60k.
After the surge that BTC experienced during this last 24 hours, bitcoin faced a serious test at $59,658 as prices came dipping from that mark till it finally found support at $59,449 and upward retracement started.
BTC price steadied between $59,000 and $58,000 and has been trading within this price region for more than 10 hours now. The next 24 hours will likely see bitcoin trade between the $59k and $57k region until there is a clear victory between the factions of traders.
Ethereum had quite an intriguing run during the 24 hours exciting everyone. As with the king coin, ether experienced a price increment that saw it climb back to the $1,800 region and above.
The price increment made ether record a gain of 1.6% in the last 24 hours. As soon as ETH reclaimed the $1,800 mark, its velocity slowed as it tested $1,820 and it seemed like the bears had taken over only for the right-wing trader to gear up and come back for more.
The bulls’ comeback saw ETH hit $1,857 and despite more resistance to the bullish flow it still hit $1,860. The next 24 hours may see prices trade between $1,750 and $1,860 until a clear price breakout.
BNB was bullish from the start of the last 24 hours until its end. To add to the bad or good news (depending on your perspective), BNB has gained more than 10% in the last 24 hours.
With such high gains over the last 24 hours, the next will be interesting to watch as the two trading factions will be locked in a struggle for dominance. Right-wing traders will try to increase their lead while the left will try to bring the price down to the lowest they can.
Uniswap has also had a tremendous run in the last 24 hours. UNI climbed as high as $29 during these 24 hours. Uniswap has the act of almost equal treatment and it also happens during the highlighted time as the bears and the bulls are satisfied with price performance.
Today, traders should also expect price swings the way they have been. These swings will happen between the confines of $25 and $28 until a major price breakout takes place.
The next 24 hours will test the endurance of various resistances and supports. The test will result in a tussle of dominance as the Bears like to recover from their loss.
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