After a strong showing last week, the broader cryptocurrency market has once again come under selling pressure. BTC has shown signs of selling pressure this weekend and is currently trading 1% lower at a price of $22,060 and a market cap of $424 billion.

Popular market analyst Rekt Capital explains, “BTC must need Weekly Candle Close above $22800 to start reclaiming the 200-week MA as support”. However, BTC is likely to close below 200 WMA support this week.

This would mean that bears still have a strong hold on Bitcoin and crypto and last week’s recovery was not a formidable trend reversal.

If the broader macro environment continues to disappoint and move on, we could probably see BTC dip below $20,000 again.

Altcoin Market: Ether (ETH) Trading Sentiment Turns Negative

Last week, Ethereum formed a strong relief rally that passed $1,600 over the weekend. However, it has now partially corrected from above and is currently trading at $1,528 levels. On-chain data provider Santiment explains that ETH trading sentiment has now fallen into negative territory. The data provider writes:

Ethereum had an up and down Sunday, jumping above $1,640 before falling back to $1,540. The trading public continues to disbelieve the hype and expects prices to fall towards the #FOMC meeting. $ETH must remain volatile.

Courtesy: Saniment

On the other hand, the ETH gas fee has dropped significantly. Citing data from Glassnode, crypto analyst Colin Wu explains:

Ethereum’s 7-day average gas fee reached 25,825 Gwei, a year-on-year low. Yesterday, the minimum gas fee was reduced to 3 gwei, the current gas fee is 4 gwei, the ETH transfer fee is $0.51 and the ERC20 transfer fee is $1.

Other altcoins such as Cardano (ADA) and Polygon (MATCI) did relatively well last week with double-digit returns. But if selling pressure continues, the broader crypto market cap could fall below $1 trillion.

Bhushan is a fintech enthusiast and has a good flair in understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time, he reads thriller-fiction novels and sometimes explores his culinary skills.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.

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