During the early hours on Monday, popular digital coins gained up to 4%. Of all the top ten cryptocurrencies, only two (USD Coin and Tether) traded in the red. On Sunday, top cryptocurrencies, including BTC, fell amid the concerns that China could launch further crackdowns.
Keep in mind that Weibo, a China social media platform, suspended all accounts that post crypto promotion content. Chinese regulators have launched several clampdowns since last month targeting crypto mining and trading activities. With that, digital coins are under pressure, affected by any negative news on the market.
At the moment, the crypto market indicates stability. You probably know about the market’s outlook over the past weeks.
Consolidation is a vital thing as it gives the market chances to create momentum. Mudrex co-founder and CEO Edu Patel said that Dogecoin and Ripple are among the altcoins that have had a thought-provoking week.
On the other news, more than 12,000 individuals attended the Miami BTC conference. The city envisions it to be a crypto hub. During the conference, Central American El Salvador President Nayib Bukel declared that he would send a proposal to Congress in a quest to make crypto a legal tender within the week.
Over the last week, BTC, the leading coin by market cap, has had a range-bound. After the wild wings that the asset saw some weeks ago, it seems to gain stability, trading around $35k and $38.5k. For now, Bitcoin is trading at $36.7k. Volumes dropped in the past week. However, that can come from the bearish attitude in the market during the time.
Meanwhile, the leading asset has seen positive swings as the volumes uptick, indicating bulls buying and bearish move diminishing. Keep in mind that Bitcoin has not witnessed major rallies since market retune. Moreover, that does not seem to happen soon, as analysts predict gradual recovery.
Last week, BTC indicated recovery signs, though unable to break over. At the moment, a breakout in any direction will decide the next trend. Remember, the preeminent coin is trading in a Symmetrical Triangle.
– Major Support Levels – $33.8k and $31.1k
– Major Resistance Levels – $40k and 42.5k.
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