Bitcoin takes a breather as Solana and Cardano pull back
Cryptocurrencies are mostly down today, with Bitcoin continuing its relatively flat week as it takes a breather after recent excitement. The market leader hit a low of $44,000 early this morning, though it is currently back changing hands for...
Cryptocurrencies are mostly down today, with Bitcoin continuing its relatively flat week as it takes a breather after recent excitement.
The market leader hit a low of $44,000 early this morning, though it is currently back changing hands for just over $45k. That’s still down more than two per cent over both the past 24 hours and seven days.
It’s been a slow week generally for the market leaders BTC and ETH, without any notable breakouts.
The two cryptocurrencies have been unable to push above resistance levels around $48,000 for BTC and around $3,300 for ETH. This is despite the ongoing positive vibes in the market, with the Fear and Greed Index that measures market sentiment continuing to sit comfortably in the “Greed” area. It has now been in the “Greed” area for more than a week, the first time it’s had such a prolonged streak since early May.
The big concern continues to be relatively-low volumes, with the activity on the leading spot exchanges declining again of late. The seven-day average real Bitcoin trading volume pushed towards $7 billion last week, but we’re now back down to $5 billion.
As noted by Arcane Research… “it’s not surprising, nor concerning, to see the volume decline when the BTC price stays flat. However, if the price starts pushing higher again on declining volume, it can signify an exhausted market, and it will probably not be a sustainable move. We want to see a clear uptick in volume if the BTC price jumps up towards $50k again.” Will we see that happen this week?
Elsewhere, it’s red across the board today as the majority of large cryptocurrencies pull back after recent gains. Solana (SOL) is down four per cent to below $70 after its recent ascent into the top 10 by market cap, while other recent climbers including XRP and Cardano (ADA) are also down. Can they get back on track?
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