Tuesday, February 27, 2024

Market Watch Dec 26: No Christmas Rally for Crypto Market, Price Action Remains Stagnant.

There was no significant price movement for cryptocurrencies in the Christmas weekend, no rally whatsoever. The crypto market declined in value due to an increased downward pull. Despite the bullishness, there was no price improvement.

At the time of writing this article, Bitcoin saw uptrend of 0.29% in the last 24 hours. BTC price held at $16,892. Ethereum, down by 0.09%, was trading at $1,220 as per data from CoinMarketCap. The majority of the altcoins were in the red. Dogecoin was down 1.35%, Uniswap 0.41%, Solana 0.34%, Shiba Inu 0.23%, and XRP 0.09%. Polygon, Cardano, Polkadot, and Tron saw slight gains. Litecoin was the biggest gainer, up by 5%.

Data suggests that Bitcoin is in a very strong downtrend and bulls have not yet had a re-encounter with the closest moving average. If the downtrend continues, BTC price could breach the previous week’s lows at $16,293. And before 2022 sums up, the topmost cryptocurrency could grace the low lows of $15,476 nearly touching $14,000.

William Clemente, the founder of Reflexivity, pointed out that Bitcoin’s volatility is at an all-time low. He said the total crypto market cap had retraced the entirety of its gains from its 2017 highlights. It’s now testing those highs as support. Phoenix, the crypto trader, and analyst believes there would be similarities to 2018 Christmas – right after the pit of Bitcoin’s last bear market during its previous halving cycle. The trader highlighted the length of time between its prior all-time high and Christmas lows a year later.

Toni Ghinea, the crypto analyst, was also not so optimistic. He doubled down on his theory that the next quarter would see the next bear market trough. This means Bitcoin could sprint toward the crucial $19,000 level before the year ends.

All for the test.

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