The whole crypto market is now again under selling pressure following a solid performance last week. BTC has experienced selling pressure over the last weekend and is currently trading 1% lower at $22,060 with a $424 billion market cap.
Rekt Capital declared:
“BTC needs to Weekly Candle Close above $22800 to begin a reclaim of the 200-week MA as support.”
Bitcoin, however, is probably going to end this week below the 200 WMA support.
This would imply that Bitcoin and other cryptos are still tightly controlled by bearish and that last week’s recovery wasn’t a significant trend reversal.
In the event that the macroeconomic climate as a whole continues to disappoint, BTC may once more go below $20,000, according to most analysts.
Over the past week, Ethereum has experienced a significant relief bounce, rising beyond $1,600 over the weekend. Now that it has partially corrected from the top, it is trading near $1,528 levels. The ETH trade sentiment has now fallen into the negative, according to on-chain data source Santiment. The data source states:
“Ethereum had an up and down Sunday, jumping above $1,640 before dipping back down to $1,540. The trading crowd continues to not believe the hype, and is expecting prices to fall heading into the #FOMC meeting. $ETH should continue to stay volatile.”
The ETH gas fee, however, has drastically decreased. Colin Wu, a crypto expert, explains using data from Glassnode:
“Ethereum’s 7-day average gas fee reached 25.825 Gwei, a record low in a year. Yesterday, the minimum gas fee was reduced to 3gwei, the current gas fee is 4gwei, the ETH transfer cost is $0.51, and the ERC20 transfer cost is $1.”
Other cryptos, including Cardano (ADA) and Polygon (MATCI), have been performing rather well, posting double-digit returns the previous week. However, if the selling pressure keeps up, the overall market cap for cryptocurrencies may go below $1 trillion.