ETH is seeing massive price decline. This decrease is not limited to the last 24 hours but the last seven days. This comes after the coin and several assets failed to continue their uptrend. As a result, the global cryptocurrency market also took a hit.
It started the week at $2.60 trillion but continued upward following its opening. Due to this, the sector under consideration peaked at $2.77 trillion on the third day. Nonetheless, following the peak, it began experiencing a small downtrend. On the last day of the week, the industry’s value dropped to a low of $2.52 trillion.
This marked the first time in more than three weeks the global cryptocurrency market cap is closing with significant losses. This comes after it registered losses of almost 5% during the previous intraweek session.
Amidst the massive bearish posture of the market, some altcoins registered significant increases. One such is Jupiter. It started the previous seven-day session at $0.78 but closed at $1.42. This comes after it flipped $1.50 and attempted $1.60. As a result, it closed with gains of more than 80%. Fantom also saw a similar trend as it gained more than 13% during this period.
On the other hand, major assets are seeing massive price declines, will this continue throughout the next five days?
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BTC/USD
The Bitcoin/USD pair started trading the previous week at $69k with traders maintaining an upward momentum. As a result, the coin registered notable increases and flipped several new resistances, registering a new all-time high. However, using the weekly chart, it is clear that the apex coin failed to hold to its bullish momentum.
Nonetheless, aside from Monday when it had of its biggest surge of the period under consideration, it hit a new ATH on Thursday. It started exchanging at $73k as it marked its second day above the said mark. It peaked at $73,794 and experienced massive downtrends that ensured it dropped to a low of $68,555 before rebounding. Nonetheless, it recovered and closed at $69,500 which represented an almost 3%.
Saturday was another bearish day for the apex coin as it registered its biggest loss. It started the day at $69,500 but experienced a sharp increase in selling volume. Due to this, it broke the $65k support for the first time in almost two weeks. In the end, it recorded losses of more than 6%.
This same massive decline is what BTC is grappling with during the current intraday session. It started trading at $67,603 but broke its fourteen-day support. BTC flipped $62k and hit a low of $61,447. Although it is seeing a small recovery, it is down by more than 8%.
The next price action is hard to predict as previous price movements suggest that the downtrend may continue. If this happens, the apex coin will flip $60k within the next few days.
However, indicators like the Relative Strength Index is hinting at the end of the price declines. This comes after the metric dipped to 46 after spending many day above 70. At this level, it BTC may resume its uptrend.
ETH/USD
BNB/USD
