The cryptocurrencies rallied during the last week, gaining significantly. However, they fell sharply over the weekend, entering a bearish market.
Binance Coin collapsed by 7.91%, while Bitcoin Cash SV plummeted down by 7.33% during the weekend. Tezos also shaved 7.00%. Monero’s XMR fell by 7.14%, with Ripple’s XRP dropping 7.34%.
Several other cryptos also suffered serious losses. Cardano’s ADA tumbled down by 6.44%, with Ethereum falling by 5.34%. Meanwhile, Stellar’s Lumen lowered by 5.62%, and Tron’s TRX lost 6.08%.
Bitcoin Cash ABC slid by 4.70%. EOS and Litecoin also saw relatively modest losses on Sunday, lowering by 4.04% and 4.68%, respectively.
The market’s rally during the week boosted the crypto total market cap from a Monday low $163.00bn to a Wednesday high $191.26bn. But after the weekend, the total market cap fell back at sub-$170bn levels.
How did the cryptos fare on Monday?
Most of the major cryptocurrencies began Monday’s session with a bullish trend. Bitcoin rose from an early morning low $5,880.9 to a high $6,036.7. However, it left the major support and resistance levels untested, trading up by 2.08% to $6,015.0 at last.
The other cryptos also edged up yesterday morning. Bitcoin Cash SV gained 3.54%, with Tezos adding 3.90%. These two led the way early on.
Before rising, Bitcoin fell by 1.91% on Saturday and then again by 5.71% on Sunday. Despite the significant losses, crypto managed to end the week up by 1.25% to $5,892.7.
Bitcoin stayed in the red during Sunday. It tumbled down from an early morning intraday high $6,280 to a final hour intraday low $5,892.7. But 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.
While the crypto is gaining again, the near-term bearish trend, which formed in late June 2019’s swing hi $13,764.0, remains firmly intact so far. Bitcoin would need to break out from $10,000 levels for the traders to form a near-term bullish trend.
