- Bitcoin flattens to a dismal $20,690.28 after reaching its weekly high of over $21,445.
- Ethereum faces a similar drop and currently sits at $1,568.07.
- Other Altcoins record drops as well, while few tokens see modest gains.
The weekly crypto price analysis shows Polygon (MATIC) and Litecoin (LTC) as the major winners, recording a 1.96% and 0.56% increase respectively. Bitcoin, Ethereum, and Dogecoin’s declining prices can potentially be attributed to institutional investors losing interest in the cryptocurrency market.
Bitcoin has remained above $20,500 in the past week, but it is struggling to break the $21,000 barrier once again. Ethereum’s value has also dropped, currently sitting at $1,568.07, down from its weekly high of $1,633.
Meanwhile, other altcoins have faced similar dips in value this week. Dogecoin has plummeted to $0.0032 after reaching highs of over $0.1571 earlier in the last week after Elon Musk’s hype after the acquisition of Twitter.
The technical indications indicate that Bitcoin is struggling with resistance at $21,000 level and may potentially see a bearish turn in the near future. However, BTC has remained above the 200-day moving average, indicating that it may still be in a long-term bullish trend.
Ethereum is down by 4.13% in the last 24 hours and has also been struggling to break past resistance at $1,600. ETH has also traded above the 200-day moving average for the majority of this month, indicating a long-term bullish trend.
The technical indicators show a bearish sentiment for ETH as well, potentially leading to a decline in the near future.
On the other hand, most altcoins are trading around the support levels, indicating that they may see gains in the near future. The crypto market didn’t see much movement in the last day, with a global market cap of $1.05 trillion, which is just above the $1 trillion mark, according to CoinGecko.
So far this year, the market value for crypto has decreased by more than 50%. The economic stimulus that caused a sudden increase in prices during the pandemic is slowly being withdrawn now that interest rates are rising again. Since prices sharply fell from their previous high, investors have lost interest in investing speculation on the tokens.
To sum up, the market sentiment is currently bearish for most of the major coins, with MATIC and LTC being exceptions. It remains to see how the market will react in the coming days.
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