For the second week in a row the crypto market is slowing down. Investors and traders are currently more concerned with the inflation data, which might provide them a clue of when the Fed will make its first rate cut and start their pivoting cycle. The crypto market is a bit left behind at this moment. Daily trading volumes are lower, however, they are still holding at relatively moderate levels, but not high enough to push the BTC price to the higher grounds. For the moment, BTC found strong support at $60K, which it managed to hold for the last two weeks. There has been an attempt in Monday's trading session to push the price below this level, when the BTC price reached shortly $58.6K, however, it swiftly returned toward the levels above the $60K. Highest weekly level reached was $62.4K.
At the Monday trading session, RSI dropped to the levels below 30, indicating a clear oversold market side. Still, it continued to move around the level of 35 during the week. This is indication that the market is still not ready for the move to the upside. Moving averages of 50 and 200 days are still moving as two parallel lines, without an indication that the cross might occur anytime soon.
During the previous week, the market tested BTCs price for its potential for lower grounds. Although it did not work out on Monday, it doesn’t mean that the market finished its testing. In this sense, there is some potential for another move toward the $58K level. This level is indicated on the charts as an end-of-cycle level, from which a reversal might start. Whether this move will occur in a week ahead is unclear, considering decreased daily trading volumes. It should be considered that non-farm payrolls and unemployment rate for the US will be published in a week ahead, which might bring some volatility back on the market. It might also affect the crypto market, considering the current focus of investors toward the macro data and Fed's next move. On the opposite side, there is some modest potential for a move toward $63K.
At the Monday trading session, RSI dropped to the levels below 30, indicating a clear oversold market side. Still, it continued to move around the level of 35 during the week. This is indication that the market is still not ready for the move to the upside. Moving averages of 50 and 200 days are still moving as two parallel lines, without an indication that the cross might occur anytime soon.
During the previous week, the market tested BTCs price for its potential for lower grounds. Although it did not work out on Monday, it doesn’t mean that the market finished its testing. In this sense, there is some potential for another move toward the $58K level. This level is indicated on the charts as an end-of-cycle level, from which a reversal might start. Whether this move will occur in a week ahead is unclear, considering decreased daily trading volumes. It should be considered that non-farm payrolls and unemployment rate for the US will be published in a week ahead, which might bring some volatility back on the market. It might also affect the crypto market, considering the current focus of investors toward the macro data and Fed's next move. On the opposite side, there is some modest potential for a move toward $63K.
