More selloffs were seen over the last six days as BTC dipped to levels not seen over the last three months. The market could be considered bearish as most cryptocurrencies have lost their pivot points and are retesting levels not seen in a while.
Seeing $1.57 trillion for the first time in more than two months, the crypto market is no doubt losing a lot of momentum. It opened the week at $1.7 trillion, but lost almost 10%, hence the most recent dip.
While most traders are shocked at the most recent state of the market, many others have decided to close their positions and sell off their bags. Were fundamentals to be blamed for the latest?
The Bulls Won on a Narrative Front
The last seven days were filled with a lot of bullish news. One such is the news is that of Uzbeskitan, encouraging Bitcoin mining in its territory. The country’s administration has made it tax-free to mine using solar energy.
In other stories, Google has disclosed that its Cloud unit is putting together a team that will build services for blockchain developers creating Web3 applications. Based on all these happenings, we may conclude that the bulls were victorious on the narrative front.
However, the Fear and Greed Index suggests that traders are still in extreme fear, which may delay any major uptrends. This situation is further illustrated in the chart below.
Source: Coin360
As the bearish grip pummels the industry, bitcoin’s market dominance is gradually decreasing. Additionally, we observed that almost every cryptocurrency in the sector is down by notable margins over the last seven days.
During the period under consideration, the top losers include GMT and APE as they both lost more than 30%. The top gainer was Tron, as it gained more than 15%. 1inch closes in with a 12% increase. With a brief overview of the market, here is how some coins in the top 10 performed.
BTC/USD
Six days of consistent downtrend and just a day of price increases was seen last week. This is the worst retracement since the start of the price decrease last month. Bitcoin lost more than 11% during the period under consideration.
Opening at $38,468, traders were hyped up for the new intraweek session. However, bearing in mind the most recent state of the market every Monday, most investors failed to engage in the trading activities.
This was expressed as we observed that BTC saw the smallest trading volume on during the first intraday session. The bears were triumphant as the day ended with the apex coin losing a few percent.
Tuesday was different as the bulls rallied bitcoin to a high of $40,000. The asset under consideration gained more than 5% as it opened at $37,728 and closed at $39,690. Unfortunately, the uptrend could not be sustained into the next day.
A massive selloff was seen on Wednesday as the bearish grip on the market tightened. BTC dipped as low as $35,571 but recovered and closed at $36,552, losing almost 8%. The next two days saw the largest cryptocurrency by market cap loss 3%.
Increased volatility returned to the market on Sunday as bitcoin lost 4% losing the $34k support. Following the same tune as the digital asset, indicators are extremely bearish. For example, the Relative Strength Index (RSI) was at 31, which indicated that further downtrend could result in the coin being oversold
The Moving Average Convergence Divergence (MACD) is completely bearish as both Exponential Moving Averages are below -1000.Both MAs continue to move apart as the retracement continues. Additionally, BTC lost it first pivot support.
ETH/USD
Experiencing almost the same sentiment as bitcoin, Ethereum saw a notable increase in trading volume on the first day of the week compared to the previous intraday session. It opened at $2,856 and closed at $2,780 losing almost 3%.
The next day was different as the bulls seized control of the market. They stop a correction at the start of the 24-hour period and used the momentum to propel the coin to a high of $2,969. ETH closed the session gaining more than 5%.
The buyers were looking forward to a retest of the $3,000 resistance. However, like BTC, ether was hit by retracement on Wednesday. The asset dropped from $2,953 to $2,747 during this period, losing 6.55% in the process.
The next two days were filled with minimal trading volumes but were marked by red candles as the largest altcoin lost a few percent. Sunday saw more volatility return to the market. Unfortunately, another retracement-filled session was seen on Sunday.
The coin lost more than 4% and closed the week on such bearish note. On the part of indicators, things are still the same or worse. For example, the Relative Strength Index (RSI) closed the seven-day period 34.
The Moving Average Convergence Divergence (MACD) is completely bearish as both Exponential Moving Averages are below -1000.Both MAs continue to move apart as the retracement continues. Additionally, ETH got very close to testing its first pivot support.
BNB/USD
Monday is like one of the many sessions that was marked with meager trading volume. Binance coin saw a high of $392 and a low of $382. There was no significant loss or gain at the end of the day as it was represented by a doji.
Tuesday saw almost a repeat of the previous intraday activity. Seeing almost the same highs and lows, BNB was about closing the same way but the bears tightened their grip on the market and the asset lost a few percent.
Wednesday was different as the bulls rallied the fourth largest cryptocurrency by market to a high of $403. The exchange coin gained almost 5% as it opened at $383 and closed at $402. Unfortunately, the uptrend could not be sustained into the next day.
A massive selloff was seen on Thursday as the bearish grip on the market tightened. BNB dipped as low as $370 but recovered and closed at $378, losing more than 6%. Minimal trading activities returned to the market the next day as it was marked by a doji.
The next two days were filled with an almost equal level of trading volume. It lost more than 6% over 48 hours and binance coin closed the week at $355. Indicators were printing more bearish signals. For example, RSI ended the intraweek session at 35 – suggesting that the coin was close to being oversold.
The Moving Average Convergence Divergence (MACD) is completely bearish as both Exponential Moving Averages are below -3. Both MAs continue to move apart as the retracement continues. Additionally, BNB tested its first pivot support but did not flip it as it rebounded.
XRP/USD
Like the preceding digital asset, Ripple kicked off the last seven days a little slow. The first day of the seven-day period was marked with minute trading volume. The coin under consideration saw a high of $0.63 and dipped to a low of $0.59. It also failed to record any significant gain or loss.
Tuesday saw almost a repeat of the previous intraday activity. Seeing almost the same highs and lows, there was very little change in closing which resulted in the sixth coin by market cap closing with losses worth a few percent.
The third day of the week came with a spark as the bulls seized control of the market. XRP surged to a high of $0.65 after opening the session at $0.60. it closed at $0.64, which suggests that the asset gained more than 6%. Unfortunately, the uptrend could not be sustained into the next day.
Ripple lost almost all of its accumulated gains on Thursday due to a massive selloff as the bearish grip on the market tightened. The sixth coin by market cap dipped as low as $0.58 for the first time in almost six days. it recovered and closed at $0.59, losing more than 7%. Minimal trading activities returned to the market the next day as it was marked by a doji.
The next two days were filled with an almost equal level of trading volume. It lost more than 6% over 48 hours and XRP closed the week at $0.56. On the part of the indicators, RSI ended the intraweek session at 31 – suggesting that the coin close to being oversold.
The Moving Average Convergence Divergence (MACD) is completely bearish as both Exponential Moving Averages are below – o.o4. Both MAs continue to move apart as the retracement continues. Additionally, XRP edged closer to retesting it first pivot support.
SOL/USD
Solana saw minimal trading activity Monday last week. This is displayed on the chart below as the coin saw minute price movement. It peaked at $90 and retraced to a low $85. it closed the session failing to record any significant gains or losses. Tuesday was almost a repeat of the previous 24-hour period.
The next day was different as the bulls seized control of the market. They stop a correction at the start of the intraday session and used the momentum to propel the coin to a high of $93. The asset closed the session gaining more than 8%.
Unfortunately, like BTC, the coin lost more than almost 9% on Thursday, losing all of its accumulated gains.The next three days were filled with minimal trading volumes but were marked by red candles as the altcoin lost a few percent.
The coin lost more than 11% and closed the week on such bearish note. On the part of indicators, things are still the same or worse. For example, the Relative Strength Index (RSI) closed the seven-day period 32.
The Moving Average Convergence Divergence (MACD) is completely bearish as both Exponential Moving Averages are below -5. Both MAs continue to move apart as the retracement continues. Additionally, solana edged closer to retesting it first pivot support.
