‘Interesting’ is the most appropriate term to describe the crypto market in the last seven days. The week started with coins experiencing price corrections they haven’t had in such a long time. However, after two bad Monday dips, this Monday is different as prices are on the rise.
Here is the crypto market outlook for today:
Last week, Bitcoin had one of its most bearish weeks of the month. After recovering from an intense price downward retracement earlier this month, BTC revisited the $50k price region for the first time since climbing above it.
The last seven days saw BTC hit a high of $56,375 and a low of $50,846. In conclusion, BTC lost 3.8% of its value in the last seven days. This week is more promising as BTC defies the normal dips it experienced at the beginning of previous weeks.
Instead of a price correction, bullish traders can sustain the weekend surge in the new week and as a result, the price is hitting new highs. If these buyers can sustain the bullish momentum, prices may test $59k today.
For the first time in such a long time Ether fell to one of its strongest supports; the $1,500 support. Last week was no doubt one of the most exciting weeks for the bears.
Ethereum saw a low of $1,566 and a high of $1,723. The last seven days saw Ether record a loss of more than 5%. As with BTC, things are different now and not following the normal bearish start to the week.
Today will present a tough battle for the bulls and the bears. Ether price may hit a high of $1,800 if the left-wing faction of traders doesn’t take action. The leftwing traders will mount more pressure above $1,800 and may prevail, depending on general market conditions.
Binance coin (BNB)
Binance coin (BNB) thrilled more bears than bulls in the last seven days. As with the two top coins in the top 100 by market cap, BNB also hit rock bottom last week.
The last seven days saw BNB hit a low of $230.5 and a high of $278. BNB also recorded significant losses on average. Although price consolidation is underway, the bulls need to increase the pressure on the $278 resistance if prices continue to surge.
The cryptocurrency market has started the new week on the best possible note, at least until press time. However, sustaining a rapid increase could set the tone for the entire week, and perhaps Bitcoin may finally have another all-time high retest.
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