The cryptocurrencies they recede more than 10% in the last 7 days. After the rally that led to Bitcoin reaching $30,000 and Ethereum $2,100, the bullish momentum stopped. The market is still evaluating the effects of another possible rise in interest rates by the Fed, which has had an impact on the strengthening of the dollar and, therefore, on the disincentive for risky investments such as cryptocurrencies.
In the last 24 hours, Bitcoin falls 9% and Ethereum does so by 11%. The biggest decline is from Polygon (MATIC) followed by Cardano (ADA) by -14% and -13% respectively.
What analysts expect
For popular Credible Crypto traders, however, there was still plenty of reason to hope that the long-term uptrend would remain intact.
“If your macro thesis on Bitcoin has changed due to a $2,000 pullback after a $10,000+ vertical rally from 19k to 30k+ you are doing it wrong,” he insisted in part of his latest Twitter comment.
An additional post argued that such price action was “common” in cryptocurrency markets. “The last major retest we had was at $19,000 before our rally to $30,000. A retest of $25,000 here would be logical and healthy,” he said.
“Short/medium term still bullish (3 months), but don’t expect it to go too fast.”
Cryptocurrency analyst CryptoCon delivered similar conclusions based on the latest movements in Bitcoin’s Relative Strength Index (RSI).
Used to determine overbought and oversold conditions at certain price points, the RSI can help provide insight into upcoming price trends.
“Bitcoin’s short-term price action looks bleak, but in the background, the weekly RSI has broken a 6-year downtrend and is now looking for support,” he revealed on Cointelegraph, comparing the latest action to previous price cycles. halving.
Meanwhile, the Trader Skew delved into possible short-term price targets for BTC/USD, focusing on moving averages (MAs). The $25,000 north zone remained the main point of interest, with the 200-week MA residing at $25,850.
Source: Ambito
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