The Bitcoin market continues to trade lower. The negative impact might be seen, as US tech stocks have lost some momentum, whereby the negative sentiment oftentimes will be also followed by the crypto market.
Furthermore, the Crypto Summit initiated by the White House last week fell short of offering fresh insights. Instead, the government ended with a promise of stablecoin legislation and less regulatory resistance. No details about certain tokens being purchased have been made. Most altcoins hence continued with their previous slide in prices following the general market sentiment. Bitcoin has also lost some steam, yet less in comparison.
Technical analysis:
– BTC: Bitcoin is trading at USD 86,178. The market has resumed some upside during the initial trading days in March but looks like more downside is going to come for now. A reason behind that can be seen in the charts. The monthly chart printed some bearish turnaround pattern. February’s price development showed strong bearish pressure, which now can be seen to potentially continue.
Should the price break the upcoming support zone at USD 82,000 we might see further downside momentum. The market might then trade down towards the next support levels of USD 71,000 or even USD 60,000 before fresh upside momentum can be seen.
– ETH: Ethereum is currently trading at USD 2,174.00. The price has also lost some momentum and keeps heading lower. Should the market indeed “defend” the break of the important support zone of USD 2,250.00, we might see further downside momentum ahead.
The charting pattern based on the monthly chart suggests the bearish momentum might continue. Only prices above the USD 2,900.00 zone would allow the positive sentiment to return.
– XRP: Ripple is trading at USD 2.3483 and has lost momentum during last week’s trading again. With the long-term view still looking set to pull this market lower over the coming weeks, we remain cautious with our approach to this market. The daily chart below shows, that the downside might intensify, should the price trade below the support zone of 2.2300.
A break of that level might cause the market to trade much lower, given that recent vacuum in the region. Since the 50- moving average has been broken as well, downside momentum might follow.
– SOL: Solana is trading at USD 138.27. This market has also followed the negative momentum and keeps pushing lower. In particular the bearish candlestick from last month might now indicate more downside will follow. Should we now see a break of the support zone at USD 135.00 the trend might intensify further.
Based on the past price action, this empty space below the zone might act as a vacuum and hence amplify potential further losses.
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