Crypto market moves in the green after bearish weekend

Crypto market moves in the green after bearish weekend

Cryptocurrencies have fluctuated during the last few days. Most of them began to do so on Monday’s session with a bullish trend. Bitcoin rose from an early morning low of $5,880.9 to a high of $6,036.7 today. However, it has left the major support and resistance levels untested so far. The crypto has traded up by 2.08% to $6,015.0 lately.

The other cryptos also moved into the green this morning. Bitcoin Cash SV gained 3.54%, with Tezos adding 3.90%. These two led the way early on.

However, Bitcoin fell by 1.91% on Saturday and then again by 5.71% on Sunday. Even though the crypto suffered significant losses, it still managed to end the week moving up by 1.25% to $5,892.7.

Bitcoin traded into bearish territory during the Sunday. It fell from an early morning intraday high of $6,280 to a final hour intraday low of $5,892.7. However, the sell-off saw Bitcoin fall through the first major support level at $6,076.03, as well as the second major support level at $5,902.07.

Even so, the near-term bearish trend, which formed in late June 2019’s swing high of $13,764.0, remains firmly intact so far, reaffirmed by the March swing low of $4,000. Bitcoin would need to break out from $10,000 levels for the traders to form a near-term bullish trend.

What about the other cryptocurrencies? 

Several other major cryptocurrencies also suffered a bearish end of the week. Binance Coin lost 7.91%, while Bitcoin Cash SV fell by 7.33%. Monero’s XMR declined by 7.14%, with Ripple’s XRP dropping 7.34%. Tezos also shaved off 7.00%.

Meanwhile, Cardano’s ADA lowered by 6.44%, with Ethereum decreasing by 5.34%. Stellar’s Lumen fell by 5.62%, and Tron’s TRX lost 6.08%.

Bitcoin Cash ABC, EOS, and Litecoin saw relatively modest losses on Sunday, lowering by 4.70%, 4.04%, and 4.68%, respectively. However, the rest of the digital currencies managed to stay in bullish territory.

As the cryptos rallied before the bearish end of the week, the crypto total market cap soared from a Monday low of $163.00bn to a Wednesday high of $191.26bn. But after the weekend, the total market cap fell back to sub-$170bn levels.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 0 (0 reviews)