Back to main

Bitcoin Unable to Recover Decisively, Ethereum Consolidates Below $3K (Weekend Watch)

Table of Contents

The cryptocurrency market has calmed down considerably in the past 24 hours, halting the bearish assault and finding some consolidation in the process.

Bitcoin’s price is trading at around $61K on Sunday morning, while Ethereum is now firmly below the pivotal $3K level.

Are the Bitcoin Bulls Regrouping?

As CryptoPotato reported yesterday, Bitcoin’s price experienced a sudden correction, dropping below $61K and losing around 3.5% in a single day.

This seemingly had to do with a statement from a representative of the US Federal Reserve, who said that it may be too early to think about rate cuts.

The market has calmed down since then, and it seems that the worst is behind us.

btc_price_chart_1205241
Source: CoinGecko

The bulls even attempted a recovery, but it was quickly halted at around $61.4K when sellers stepped in and pushed the price to $61K, where it currently trades.

It’s worth noting that despite the recent declines, the Fear and Greed index is still pointing out that the market is in a state of “greed.”

Altcoins Consolidate, Ethereum Below $3K

None of the major altcoins by means of total market capitalization has recovered from the crash the other day, but at least they are consolidating and charting ever so slight gains, as seen in the heatmap below.

crypto_heatmap_1205241
Source: Quantify Crypto

Even though the market seems to be completely painted in green, that’s just the 24-hour heatmap. On a seven-day scale, most of the cryptocurrencies are trading in the red.

It’s worth noting that Ethereum is now consolidating below the critical psychological level of $3K, and it’s very interesting to see if the buyers will be able to reclaim it soon.

Meanwhile, today’s best performers are Immutable (IMX) – up 4.7%, and Ribbon Finance (RBN) – up 3.3%.

On the other hand, the cryptocurrencies that performed the worst are Zebec Protocol (ZBC) – down 7.8%, and Kaspa (KAS) – down 4.8%.

The post Bitcoin Unable to Recover Decisively, Ethereum Consolidates Below $3K (Weekend Watch) appeared first on CryptoPotato.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on CryptoPotato Investment Disclaimer