Friday, December 8, 2023

Market Watch May 26: Bitcoin does a seesaw, Ether loses gains, altcoins trade in key range.

Bitcoin seems to be on a seesaw with price ups and downs as it’s unable to break above the $30,000 threshold. Buying pressure propelled the popular crypto higher from the $28,611 area after demand kept it above the $28,378 area. This shows the 50% retracement of the recent appreciating range from $28,690 – $30,635. BTC’s recent lows opened up possible tests of additional short-term technical support around $28,378, $27,661, $26,773 and $26,639.

At the time of writing this article, Bitcoin was trading at $29,795. It lost 1.15% in the last 24-hours. Ethereum was down by 3.44% and changed hands at $1,944. The world’s most-loved cryptocurrency failed to clear resistance at $30,300 and $30,500. Ether once again slipped below the $2,000 threshold and corrected lower. It is set to test the $1,950 mark. Below the $1,920 level, the world’s second most popular crypto could gain bearish momentum.

As for the altcoins, Avalanche (AVAX) is the biggest loser – it’s down by nearly 7% in the last 24-hours. Solana is down by 4.38%, Polkadot by 3.82%, and Cardano 2.86%. The meme coins are also in the red, with Shiba Inu down by as much as 1.74%. TRON is the biggest gainer. It’s up by nearly 3% in the last 24-hours.

Overall, the crypto market is unlikely to break out of its seesaw momentum anytime soon. Analysts say the predominant sentiment is that of extreme fear. Santiment, an on-chain intelligence firm, highlighted that whale wallets have taken this as an opportunity to accumulate some well-priced Bitcoin. It stated that as Bitcoin continues to tread at the $29,600 level, the amount of key whale addresses continues to rise following the massive dumping in late January. There is a correlation between price and the tier’s address quantity.

Cryptured Team
Cryptured Team
The writers team at is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.

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