Bitcoin faces a slow recovery, but is still in a steep downtrend
The cryptocurrency market shows a modest recovery again by the weekend. uppercase letter $30 billion has flowed in in the last 24 hours. But the main reason is purely technical, and the previous space showed no signs of a radical reversal.
Monero and Solana running away
XMR and Sol Despite the problematic performance of both assets in recent months, it has unexpectedly entered the top of the market’s most profitable assets in the last 24 hours.
Unfortunately, both assets are currently in a mixed position. Monero has been moving under a bearish flag in recent weeks after June and his explosive 70% rise seen in July. However, the long-term outlook for the chart looks grim and Privacy Coin needs more support from investors.
But Solana is even more depressing, the long-term consolidation of assets has already lasted over 100 days and SOL has not attempted to break through. The most likely scenario at the moment is a continued anemic move in the market until we see a more radical reversal.
Bitcoin sharp downtrend
Despite the mild reversal seen today and the 6% recovery observed yesterday, Bitcoin is still in a sharp downtrend and has continuously lost its value over the past few weeks.
Even with the surge above $20,000, BTC is still led by strong trendline resistance that has failed to break through in the past two breakthrough attempts. It can be seen as a positive sign that precedes a commitment.
To break out of the local downtrend, Bitcoin needs to move higher towards $22,000 and gain a foothold above the 50-day moving average. At the same time, it needs a massive inflow into the market to see a rally towards $25,000, the highest of the past three months.
Ethereum continues to lose value
Bitcoin is showing signs of a reversal, but the second largest cryptocurrency on the market is in a dubious position from a technical analysis point of view. .
Consolidation period digital assets It’s the perfect time to accumulate. But Ethereum has shown no signs of that despite poor price performance. Ether’s average daily volatility is now at its lowest level since the beginning of this month.