The previous intraweek session was referred to as “unfruitful” as BTC and other cryptocurrencies failed to record any significant increases. The market closed almost the same way it opened, leading to a third week of consistent dips.
The current week is no different, but many will say it is worse. Opening at $1.83 trillion, the sector was hit by increased sellers’ congestion that saw it dip to a low of $1.76T. It peaked at $1.86 trillion but lost momentum and resumed its downtrend.
The valuation retraced below $1.7 trillion (the lowest over the last 30 days), some hours to the time of writing. Currently worth more than $1.7T, the industry has lost more than 7% over the last six days.
Bitcoin Sees Strong Fundamentals
It was announced on Thursday that Wall Street powerhouse Goldman Sachs has offered its first ever Bitcoin-backed loan to a client. Additionally, the apex coin becomes the legal tender of another country.
The Central African Republic (CAR) has become the first country on the continent to unanimously accept a bill governing the use of Bitcoin. Another bullish evidence of the digital asset going mainstream was by the Swiss National Bank (SNB). It disclosed at the central bank’s annual meeting on Friday that it does not consider Bitcoin ideal as a reserve currency.
Unfortunately, the positive fundamentals have been unable to pull the market out of its bearish grip. A clear indication of this is the fear and greed index. Like the previous week, the metric failed to surge above 30, indicating that most traders are fearful of the next market action, resulting in extreme fear.
Failure on the part of traders to act on the bullish news has affected the performance of most cryptocurrencies. The chart below further depicts the situation of the market over the last six days.
One of the few good news from the illustration is the fact that bitcoin dominance has improved. Additionally, very few digital assets enjoyed increased demand over the last six days.
XDC is the top gainer over the last six days with a more than 6% increase. Tron chases behind with 5.57%. Zilliqa is the top loser as it loses more than 34% with FTM closing behind with 31.3%. With a brief overview of the market, let’s examine the performance of some coins in the top 10.
Concluding a rather boring week, BTC was expected to enjoy more bullishness during the current intraweek session. Like the previous seven-day period, the apex coin was met by an immediate selloff as it dipped as low as $38,202.
It found support at $38,200 and surged above $40k, erasing the losses. Although the gains were insignificant, it was a win for the bulls. Unfortunately, the bears took over the market on Tuesday.
The apex coin lost the $38k support for the first time since March. During the second intraday session, BTC dipped to a low of $37,701 but rebounded and closed above $38,000. It ended the session losing more than 5%.
Wednesday was different as bitcoin made an attempt at $40k but failed in its bid as it faced strong resistance at $39,500. It retraced below $38k but closed at $39,256 and gained almost 3% during this period.
Continuation of the uptrend was seen on Thursday but there were hints of bearish grip. The next two days were represented by red candlesticks due to failure of bulls to enjoy any uptrend. Currently up by a few percent, BTC is looking a close in the green.
The most recent price of the apex coin places it closer to its pivot point at $40,898. However, price movements over the last six days have been unable to push bitcoin into flipping the mark.
Following the two-day retracement, the largest cryptocurrency was almost oversold as the Relative Strength Index (RSI) was at 37. It has recovered and is at 41 as of the time of writing. The Moving Average Convergence Divergence (MACD) is completely bearish as both Exponential Moving Averages are below -500.
Like BTC, Ether almost had a repeat of the previous week’s price movements. This time, however, it was filled with more volatility. A bad start to the intraweek session saw ETH retraced to a low of $2,797. It found support at the mark and was propelled to a high of $3,007. It closed with an almost 3% profit as market conditions improved.
The candlestick representation was a hammer which suggested the end of the uptrend. Price movement over the next day met this expectation as the largest alt was bearish over the 24 hour period.
Tuesday saw the second largest cryptocurrency lose the $2,800 support again and dipped to a low not seen over the last 14 days. During the second intraday session, ETH dipped to a low of $2,766 but rebounded and closed above $2,800. It ended the session losing more than 6%.
Wednesday was different as Ethereum made an attempt at $3,000 but failed in its bid as it faced strong resistance at $2,920. It retraced below $2,800 but closed at $2,889 and gained almost 3% during this period.
Thursday saw the continuation of the uptrend as the largest alt took it a step further in its bid to flip the $3k resistance. It hit a high of $2,980 and ended the session gaining a few percent.
The next two days saw the ETH lose more than 7%. Currently up by 3%, ether will look to finish the last day of the week in profit. It reached a high of $2,849 and a low of $2,716.
Like BTC, the most recent price of the largest alt places it closer to its pivot point at $3,000. However, price movements over the last six days have been unable to push ether into flipping the mark, leading to more distance from the level.
Additionally, due to the two-day retracement, ETH was almost oversold as the Relative Strength Index (RSI) was at 37. It has recovered and is at 41 as of the time of writing. The Moving Average Convergence Divergence (MACD) is completely bearish as both Exponential Moving Averages are below -40.
Last week, the exchange coin saw more upward push as it peaked at $431 and dipped to a low $395. One notable thing above the asset’s price movement was that after it lost the $400 support, it traded close to the mark.
There were high expectations of better market conditions. However, a dip to $382 saw the bulls scrabble to defend the cryptocurrency which proved successful as the downtrend was halted and BNB ended the first intraday session at $404.
Like the preceding digital asset, a hammer candlestick marked Monday that was a bad indicator for the third-largest alt. The second day of the week was the most bearish of the seven-day period, as the coin lost more than 4% of its value per unit.
It dipped to its lowest in more than a month. Opening at $404 and retracing as low $381, the bulls were unable to rally the altcoin like they did on Monday. They took control of the market on Wednesday as BNB was back on its bullish path.
The third and fourth days of the week saw the exchange coin gain more than 5% as regained stability above $400. However, it experienced corrections correlating the timeframe of the price increase.
Like BTC, BNB is currently up by a few percent, which means it will conclude the final the of the seven-day period with significant gains. Unfortunately, this has had very little impact on the cryptocurrency performance on the weekly chart.
As seen in the chart above, the asset under consideration hinted at a dip below 40 on RSI due to price action over the last two days. The latest price has seen the altcoin above 40. MACD, on the other hand, continues printing bearish signals.
Solana failed to impress last week but saw a lot of upward drives. It hit a high of $111 and to a low $94. It failed to record any significant gains or losses. It lost the $100 support as it closed below the level.
A return above $100 was expected this week but the first few hours after the coin opened trading, it was met by increased selling pressure. it dipped to $92 as a result of the pressure but rebounded as the bulls rallied the market.
It recovered the lost values and closed at $100. SOL saw a change in scenery on Tuesday as it retraced below $95 and losing more than 5% of it worth per unit. The third day of the week offered consolation but the sixth largest coin by market cap failed to record any notable gains.
The biggest move happened during the previous intraday session as solana experienced more corrections. It opened trading at $93 and closed at $84, losing almost 10%. Like most cryptocurrencies, the asset under consideration may end the last day of the week in the greens.
Like BTC, SOL most recent price places it closer to its pivot point at $103. However, price movements over the last six days have been unable to push the coin into flipping the mark.
Following the two-day retracement, the largest cryptocurrency was almost oversold as the Relative Strength Index (RSI) was at 32. It has recovered but is still in the danger zone as it is at 38 as of the time of writing. The Moving Average Convergence Divergence (MACD) is completely bearish as both Exponential Moving Averages are below -2