However, a drop below $64,800 could invalidate any bullish outlook and extend the decline to $63,700.
The cryptocurrenciesThey start the week with relative stability. Bitcoin (BTC) shows a slight drop, standing just below $67,000 after a rally of 8% in the last seven days. On the other hand, Ethereum (ETH) also falls, losing the barrier of US$3,100although it maintains a 5% increase achieved last week, thus improving its outlook.
As for ‘altcoins’, the movements are similar. The 2% increases in solana (SOL) and chainlink (LINK) stand out. However, the majority of alternative tokens show a negative sign, with drops of between 2% and 3% in cryptocurrencies such as toncoin (TON), dogecoin (DOGE), cardano (ADA) and shiba inu (SHIB), while XRP suffers a more moderate decline.
After eight weeks of inaction and growing pessimism, BTC achieved a significant change last week. This is largely due to recent macroeconomic data indicating a softening of inflation in the United States, which could allow the Federal Reserve (Fed) reduce interest rates before the end of the year.
Bitcoin: what’s behind the fall
The total crypto market capitalization currently stands at $2.36 trillion, just below the $2.40 trillion resistance. This resistance has been tested on two previous occasions without success, and TOTALCAP could face new challenges to overcome it again. The decline seen over the weekend has not slowed recent growth.
However, the green candle in intraday trading has not started a recovery, keeping TOTALCAP at the same level as two days ago. Prolonged bearish signals could push TOTALCAP to $2.29 trillion, a key support floor in the past.
The largest cryptocurrency by market capitalization has seen a slight drop over the past two days, causing a pause in the ongoing rally. The 1.3% increase seen today has recovered most of the drop, but Bitcoin is still trading slightly better than yesterdayr. BTC is expected to consolidate its price between $68,500 and $64,800 until one of these levels is broken. However, a drop below $64,800 could invalidate any bullish outlook and extend the decline to $63,700.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
