Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The cryptocurrency market has experienced a slowdown over the last 24 hours, with Bitcoin and other significant coins stabilizing without managing to initiate a rapid recovery.
The crypto market has significantly calmed in the past day, halting the bearish trend and achieving some level of consolidation in the process.
Bitcoin is currently trading at approximately $61K on Sunday morning, while Ethereum remains firmly below the crucial $3K threshold.
Are the Bitcoin Bulls Regrouping?
As mentioned yesterday, Bitcoin’s price underwent a sudden correction, falling below $61K and losing about 3.5% within a single day.
This was seemingly linked to comments from a US Federal Reserve representative, who indicated that it might be premature to consider rate cuts.
Since then, the market has stabilized, suggesting that the most challenging phase may be behind us.
See Also: Bitcoin Whales Accumulated $941M BTC As Prices Drop, What Does This Mean?
The bulls made an attempt at recovery, but this was swiftly curtailed around $61.4K when sellers intervened, driving the price back to $61K, where it is currently positioned.
Related Posts
It is notable that despite the recent downturns, the Fear and Greed index still indicates that the market is in a state of “greed.”
Altcoins Consolidate, Ethereum Below $3K
None of the major altcoins by total market capitalization have rebounded from the recent crash, but they are at least consolidating and showing minor gains, as illustrated in the heatmap below.
Although the market appears predominantly green, this reflects only the 24-hour heatmap. Over a seven-day period, most cryptocurrencies are trading in the red.
It is important to note that Ethereum is currently consolidating below the significant psychological level of $3K, and it will be interesting to observe if buyers can reclaim this level soon.
Meanwhile, today’s top performers include Immutable (IMX) – up 4.7%, and Ribbon Finance (RBN) – up 3.3%.
Conversely, the cryptocurrencies that have performed the worst are Zebec Protocol (ZBC) – down 7.8%, and Kaspa (KAS) – down 4.8%.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
#Binance #WRITE2EARN
The post Bitcoin Unable To Stage A Recovery Decisively, Ethereum Consolidates Below $3K appeared first on BitcoinWorld.
