After a no-trading weekend, a slight dip has made Bitcoin vulnerable and near the $15,000 level. The market is set to see another week of fluctuations as it continues to suffer from the aftereffects of the FTX collapse. But there are chances of the market turning bullish again.
At the time of writing this article, Bitcoin was trading at $16,200. It lost 2.23% of its value in the last 24 hours. The bear market remains. Analysts expect traders who have a long-term view could try to accumulate fundamentally strong coins in several tranches. Traders are advised to closely follow the coins of their choice while keeping an eye on the broader cryptocurrency market. Investors believe that cryptocurrencies that lead the market out of the bear phase generally tend to do well when the next bull market begins.
Bitcoin’s relative strength index (RSI) has created a bullish divergence. This may indicate that the selling pressure could be reduced. But the relief rally could face stiff resistance in the zone between the 20-day exponential moving average of $17,065 and $17,622.
Overall, the price of leading cryptocurrencies remains at depressed levels. Ethereum is down by 3.76% in the last 24 hours and trading at $1,174. The altcoins are splashed in red. XRP is down nearly 5%, Litecoin plunged nearly 7%, Polkadot 4.56%, Polygon 3.80%, and Cardano dipped 3.29%. Solana is the biggest loser; SOL is down by 8%. The current bear market and the overall slump in the market are not preventing institutional investors from increasing or planning to increase their positions. Over the last year, 62% of investors who have invested in crypto have boosted their allocations further.
