Yesterday’s advance quickly came to a halt as the cryptocurrency market, at large, was unable to sustain the gains. Still, prices are looking better than they did one week ago, with certain exceptions.
All in all, the past 24 hours were rather exciting, so let’s have a look.
Bitcoin Price Retreats From $30K
Bitcoin has awakened from its recent slumber when the price failed to chart any notable moves for over a week. Yesterday, BTC soared to around $30,200 (on Binance), as seen in the chart below.
The price was unable to remain above $30K, though, and quickly retraced. The bulls then made another attempt, but ultimately, the sellers were successful in keeping the cryptocurrency before this otherwise important resistance – both technical and psychological.
It’s interesting to see if there will be another attempt on behalf of the buyers or if the price will now enter another prolonged period of consolidation marked by low volumes and non-existent volatility.
XRP Suffers as Altcoins Indecisive
The altcoin market is also largely indecisive throughout the past 24 hours, with most of the cryptocurrencies charting small losses.
Ripple’s XRP is down the most (from the top 10), as it lost around 2%. This might have been caused by the fact that the US SEC has now formalized its intent to appeal the recent court ruling, which determined that secondary XRP sales didn’t constitute an investment contract.
It’s worth noting that the overall market sentiment is currently neutral. This is according to the Crypto Fear and Greed Index. It analyzes emotions and sentiments from a number of sources and produces a number that gauges them.
This number is currently 53 – up from yesterday’s 50. Over the past seven days, the index has remained relatively flat, which is to be expected based on the general market inactivity.
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Cryptocurrency charts by TradingView.