Weekend Watch: Bitcoin (BTC) Struggles for Recovery, Ethereum (ETH) Holds Below $3K

  • The cryptocurrency market has seen a period of consolidation following a bearish assault, with Bitcoin trading around $61K and Ethereum below the crucial $3K mark.
  • Despite recent declines, the Fear and Greed index indicates that the market is still in a state of “greed”.
  • Major altcoins are yet to recover from the recent crash, but are showing slight gains, with Immutable (IMX) and Ribbon Finance (RBN) leading the pack.

As the crypto market finds some stability, Bitcoin hovers around $61K and Ethereum consolidates below $3K. Despite recent declines, the market sentiment remains greedy.

Bitcoin Bulls: A Pause or a Retreat?

Following a sudden correction that saw Bitcoin’s price drop below $61K, losing around 3.5% in a single day, the market has since calmed down. This downturn was seemingly triggered by a statement from a representative of the US Federal Reserve, suggesting that it may be too early to consider rate cuts. Despite the decline, the Fear and Greed index indicates that the market is still in a state of “greed”.

Altcoins Consolidate as Ethereum Struggles

Major altcoins have yet to recover from the recent crash, but are showing signs of consolidation with slight gains. Ethereum, however, is struggling below the critical psychological level of $3K. It remains to be seen if buyers will be able to reclaim this level soon. Today’s best performers are Immutable (IMX), up 4.7%, and Ribbon Finance (RBN), up 3.3%. Conversely, Zebec Protocol (ZBC) and Kaspa (KAS) have underperformed, down 7.8% and 4.8% respectively.

Conclusion

The crypto market is currently in a state of consolidation following a bearish assault. While Bitcoin hovers around $61K, Ethereum is struggling below the crucial $3K mark. Despite the recent declines, the market sentiment remains greedy, indicating potential for future gains. However, investors should remain cautious and conduct thorough research before making any investment decisions.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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