The crypto market bid to fully recover from the losses it suffered during the fourth quarter of 2022 seems to be slowing down. Its performance over the last twenty days was filled with a lot of uncertainty as many feared the worst, while many looked forward to more uptrends.
During this period, most assets hit key levels but retraced as the session progressed. A look at the global cryptocurrency market cap paints a clearer picture of what transpired.
The image above suggests that the industry under consideration had notable increases at earlier in the month and a few close to the end. Regardless of these submissions, it failed to register any notable change in value in the end.
It opened the month a little above $1.05 trillion and peaked at $1.35 trillion. At the time of writing, it is worth $1.05T.
In correlation with the current value of the sector under consideration, we noticed that the fear and greed index was mostly stagnant with very little change. It shuffled between 60 and 48 during this period.
It kicked off at around 60 and is at 50 at this time; a clear indication of a decline in bullish fundamentals. One of the main causes of this decrease is massive bearish news or announcements.
The United States Federal Reserve Committee recently released the minutes of a previous meeting. In this publication, they stated a 25 bps increase. As a result, most traditional instruments including crypto had a gradual decline in value.
The prices of most crypto assets also reflect the same sentiment. Let’s go over these cryptocurrencies.
BTC/USD
Bitcoin kicked off February with one of the best fashions. It had its first green of the month on the first day as it recorded gains of almost 3%. The next day, it flipped $24k for the first time since September 2022.
All these bullish moves led many to expect more increases. However, after five days of consistent downtrends, the apex coin lost its momentum. A bigger loss took place on the ninth day of the period under consideration.
It opened at $22,965 and dipped to a low of $21,700. Although it closed a little higher, it registered losses exceeding 5%.
Five days later, buoyed by whale activity, BTC had one of its biggest surges ever. It opened at $22k and flipped the $24k resistance. This was its biggest single push as it closed with gains exceeding 9%.
Trading action over the last seven days of the month saw bitcoin gradually lose its value and retrace to its opening price. This also reflected on the monthly chart as we noticed a doji.
On the part of indicators, they are all bearish. The Moving Average Convergence Divergence displayed a negative interception a few days back and the Relative Strength Index is below 50.
ETH/USD
Ethereum also shared the same sentiment as most assets in the crypto market. It had a good start to the period under consideration as it registered notable increase.
It flipped $1,600 and surged to a high of $1,657 and closed with gains of more than 3%. The increases continued into the next day as we noticed more attempts at key resistance.
This time, the asset flipped the $1,700 resistance and peaked at $1,714. However, it retraced to its opening price and failed to register any notable changes in prices.
ETH had its biggest loss on the ninth day of the month after it opened at $1,650 and dropped to a low of $1,534. After a little recovery, the session ended with ether losing more than 6%.
Five days later, the top altcoin had its biggest increase. It kicked off trading at $1,556 and closed at $1,674. Both prices showed that ETH saw positive changes exceeding 7%.
Like BTC, ethereum gradually lost value and retraced to the price it kicked off the month. This was due to a series of price declines that took place over the last seven days. This was also depicted on the monthly chart, where a doji was visible.
All indicators point in a bearish direction. A few days ago, the Moving Average Convergence Divergence showed a negative interception, and the Relative Strength Index is currently around 50.
BNB/USD
The first three days of month were marked with consistent increases as Binance coin flipped resistance, one after the other.
During this period, the altcoin flipped the $320 and $330 barrier. At the peak of the uptrend, it made an attempt at $340 but faced strong rejection at $336.
We noticed a similar push two days later as the asset under consideration hit a high of $337. However, the bulls failed to sustain the momentum and BNB retraced to its opening price.
The tussle continued until the ninth day of the month when the asset had its biggest dump. It retested the $300 support after kicking off the intraday session at $328. Little recovery and the altcoin ended with losses of almost 7%.
On February 13, a similar event took place. This time, the coin lost the previously mentioned barrier. It dropped to a low of $283 but closed at $294; signifying an almost 6% decrease
A repeat of this sentiment happened two days later. Nonetheless, it was bullish as BNB reclaimed all the price marks it lost. It peaked at $317 and closed with a positive change of more than 7%.
Like the crypto market cap, Binance coin rapidly declined in value and returned to its beginning-of-month price. It decreased further and lost more than 3%. This resulted from the price drops that occurred over the previous seven days. A doji could be seen on the monthly chart, which also showed this.
Each and every indicator is bearish. The Relative Strength Index is currently hovering around 50, while the Moving Average Convergence Divergence continues its downtrend with no signs of recovery.
