The crypto market saw a change in market sentiment over the last seven days. After what many would describe as a splendid performance two weeks ago, most cryptocurrencies saw the opposite of this action.
The previous intraweek session kicked off with the global cryptocurrency market cap at $1.12 trillion. As the session progressed, several bearish actions saw the sector gradually lose its value. In the end, it closed at $1.06 which signifies an almost 6% drop in value.
Recall that two weeks ago, it saw a more than 7% increase, what changed?
The United States Federal Reserve System (FED) released the minutes of the meeting held between January 31 and February 1, 2023. In this meeting, the committee agreed to increase interest rates by 25 bps.
This announcement not only shook stocks, but the entire crypto market also grappled with the effect of such a bearish move as most assets declined in value.
Since the event, the sector under consideration has shown little to no signs of recovery. The closing value is also a clear indication of the previous conclusion. Nonetheless, the chart below shades more light on what happened to top cryptocurrencies during this period.
We noticed that while the image is filled with both greens and reds, the larger section is red; signifying a notable drop in value over the last seven days. Nonetheless, some altcoin recorded notable increases in worth.
One such is Stacks. Over the last three weeks, STX has been on a rampage. The previous week was no exception as it closed with gains of more than 24%. However, it was not immune to the effects of the bearish fundamentals. It surged to a high of $0.88 but retraced to $0.78. It is also worth noting that dipped to a low of $0.54.
With a brief overview of how the crypto market performed, let’s examine the performance of some assets in the top 10.
BTC/USD
The largest cryptocurrency by market cap was the main focus of the previous week. After a positive start that saw BTC gain almost 3%, many expected the uptrend to continue.
On Tuesday, the top coin retested and flipped the $25k resistance. However, it faced strong rejection and dipped as a result. It dropped below its opening price and recorded its first red of the intraweek session.
The bearish fundamentals on Wednesday added more fear to the already declining asset. It flipped the $24k support for the first time in more than five days. However, it recovered but not fully before the session ended.
On Friday, bitcoin had its biggest loss. It briefly lost the $23k support as it dipped to a low of $22,800. BTC kicked off the intraday session at $23,900 and closed at $23,190 which indicates a more than 3% decrease.
On the weekly scale, it recorded similar losses. These decreases also affected indicators like the Moving Average Convergence Divergence.
Currently bearish, it displayed a bearish divergence on Thursday. The Relative Strength Index is also showing a gradual increase in selling pressure.
ETH/USD
Ethereum also had a similar performance as the apex coin. On Monday, it flipped the $1,700 and peaked at $1,721. Nonetheless, it also dipped to a low of $1,650 and ended the session with no notable change in value.
On Tuesday, it dipped further. After opening trading at $1,706, it retraced to a low of $1,631. Little recovery, but it closed with losses of almost 3%. The beraish trend continued into the next day.
On Wednesday, ETH lost the $1,600 support as it saw a low of $1,594. As with the previous intraday sessions it recovered and closed with no notable change in value. The same took place the next day as well.
Friday was one of the main highlights of the week. Ether once again went deeper as it recorded a low of $1,576. However, it reclaimed $1,600 but ended the trading period with losses of almost 3%.
On the weekly scale, the largest altcoin lost 2.42% with several indicators blaring warnings. RSI closed at 53 after it kicked off the previous seven-day period at 61.
MACD is not exempt from this bearish sentiment. On Wednesday, we noticed a negative divergence.
BNB/USD
Like most crypto assets, Binance coin was edging at flipping a key level but failed in its bid. It attempted $320 resistance but retraced after the retest. It also dipped to a low of $307.
However, it closed with no significant change in value. It had a repeat of the same action with highs and lows lower than the previous on Tuesday. It is safe to say this was mostly the trend throughout the week.
On Wednesday, it dipped to a low of $303 but reclaimed its opening price at $311. These price movements were indications that the asset under consideration had a slow-placed decline in buying volume.
The Relative Strength Index also agrees with this conclusion as we noticed it mostly went between 45 and 50. This gradual decrease also reflected on MACD.
Before the previous week, the 12-day EMA was slowly edging towards the 26-day. It stopped in its tracks as trading conditions got harder and resumed its downtrend.
XRP/USD
The previous seven-day period was a mix of both a period of volatility and one little to no movement. A look at the charts below clearly shows that Ripple had it biggest move during the first three days of the week.
On Monday, the coin attempted $0.40 and was successful. It opened at $0.38 and peaked at $0.41. However, it closed at $0.39 with many traders hoping for a return to the highlighted level. It also ended the session with gains of more than 3%.
After its failure to flip $0.40 on Tuesday, we noticed another attempt on Wednesday. Both failed and XRP failed to record gains or losses of up to 2%.
However, this trend changed on Friday. The asset under consideration dipped to a low of $0.37: relinquishing efforts at $0.40. The intraday session ended with the altcoin registering losses of almost 3%.
It dipped as low as $0.36 and returned to its opening price. This went in throughout the weekend. On the weekly scale, it recorded losses of more than 2%.
