Cryptocurrency markets saw a downturn in Monday’s trading session, with Bitcoin, Ethereum, Solana, and Dogecoin all experiencing declines. Over the last 24 hours, the global cryptocurrency market cap dropped by 1.6%, settling around $1.62 trillion.
At 9:50 am, Bitcoin traded 1.55% lower at $40,999, and Ethereum was down 2.09% at $2,421. Altcoins like Solana, Cardano, Dogecoin, and Internet Computer witnessed declines exceeding 4%.
Bearish Trends in Cryptocurrency Market
The CoinDCX Research Team reports a persisting bearish trend for Bitcoin (BTC), characterized by a downtrend movement encountering resistance from the 20EMA on the 4-hour chart. While hovering above the $40,500 support level, there is a lack of clear confirmation for a reversal or uptrend at the moment.
Ethereum (ETH) is also navigating below the 20EMA after a considerable duration and currently sits just below the support level at $2,450. Positioned slightly above the $2,390 support level, the overall outlook for ETH appears bearish, with potential anticipation of a pullback from the key level at $2,390.
Major altcoins, including BNB, XRP, Avalanche, Tron, Chainlink, Polkadot, Toncoin, Polygon, and Shiba Inu, have all observed declines in this market scenario.
The total volume in decentralized finance (DeFi) stands at $3.94 billion, representing 11.77% of the total crypto market 24-hour volume. Simultaneously, stablecoins contribute significantly, with a volume of $29.25 billion, accounting for 87.33% of the total crypto market 24-hour volume.
Bitcoin’s Market Dynamics
In the past 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, witnessed a decline to $805 billion, while its dominance currently stands at 49.82%, as reported by CoinMarketCap. The trading volume for BTC in the last 24 hours increased by 4.06%, reaching $11.33 billion.
According to Edul Patel, CEO of Mudrex, Bitcoin maintained a stable position around $41,000 over the weekend amid a challenging battle between bulls and bears for market control. With BTC trading above the $40,000 zone, Patel anticipates a sideways movement within the $41,000 to $42,000 range.
Ethereum’s Price Outlook
Meanwhile, Ethereum is currently priced at $2,400. Edul Patel suggests that a failure by bulls to surpass the $2,500 zone may lead to Ethereum dropping to $2,400 during the week.
Sathvik Vishwanath, Co-Founder & CEO of Unocoin, notes that both Bitcoin and Ethereum are at pivotal points, with cautious optimism in price forecasts while acknowledging neutral market trends. Investors remain vigilant, closely monitoring key levels and potential developments in the ever-evolving cryptocurrency landscape.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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