Bitcoin continued to remain around or above the $22,000 level over the weekend. The global crypto market cap also remained above the $1 trillion mark even as prices of several altcoins dropped in the last 24 hours.
On the Crypto Fear and Greed Index, the overall market sentiment has improved from “Extreme Fear” to “Fear” in the last few days. Experts believe that BTC may rise above $25,000 in the coming days if the current trends continue.
“Bitcoin traded sideways and dropped to the US$22,000 level after touching above the US$23,000 level in the past week. Despite the drop with increasing selling pressure, BTC has retained 6% of the gains in the past seven days. BTC may likely rise towards the US$24,000 level this week as sellers’ power is accompanied by high volume,” Edul Patel Co-Founder and CEO of Mudrex- A Global Crypto Investing Platform
“Even though things seem favourable for buyers, there are also chances that BTC may fall to the US$20,000 level if it drops below the current level,” he added.
Bitcoin remained steady with a minor dip in prices in the last couple of days, as sellers dominated the market.
“On the 4-hourly time-frame, the BTC trend has broken out of the ascending channel pattern and is now retesting the resistance levels of the pattern. The next key resistance level for BTC is expected at $32,300. We could expect a price movement towards the $25,000 level in the coming days,” analysts at WazirX Trade Desk said in an email to FE Online.
Ethereum remains strong
Meanwhile, Ethereum (ETH) has continued to maintain a strong position above $1550 level.
“ETH against Bitcoin has been on an overall uptrend since the past week or so with Bitcoin’s dominance index dipping below the 43% level. The weekly chart for ETH-BTC continues to traverse within a descending triangle pattern and is on the verge of a breakout. The next key resistance for ETH-BTCis expected at 0.076,” the analysts said.
At the time of writing, BTC was trading at $22,018, down 2.71% in the last 24 hours. Bitcoin’s dominance has increased by 0.08% over the day to 41.57%.
(Cryptos, including Bitcoin and other virtual digital assets like NFTs, are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)