The crypto market has been quite unstable due to last week’s Middle East incidents. Bitcoin which was once trading at $106,000, plunged to 98,000 over the weekend. This shows that the crypto market is losing momentum and currently lacks liquidity
At the time of writing, Bitcoin is trading at 101,288, up 0.5% in the last 24 hours. Even better, the trading volume has also increased by 33% in the last 24h, showing that investors are starting to come back into the market.
Ethereum also took a big tumble over the weekend. It dropped from $2,873 to just 2,116, a 26% crash in just a few days. As of now, it’s trying to bounce back, trading around $2,248
Looking at the chart, the market has failed to break above the $2,800 wall, a key resistance level traders have been watching for the past few weeks. When that failed, the price broke below a strong support line that had held since June 18. This shows how much liquidity has left the market in just a short period of time
ETH Market analysis | Source: Tradingview
At the same time, XRP is down 18%. Trading at 2.26 last week and sold to $1.91 over the weekend and now trading at $1.99, which is a sign of recovery.
However, the chart doesn’t look great, the market has broken below its support level and its newly formed trendline which was supposed to show a steady movement of price to the upside. This movement has shifted the market sentiment to the downside with a possible sell toward the last swing low of $1.61.
Meanwhile, Solana (SOL) is currently trading around $134 after taking a sharp 20% drop. It’s been moving inside a downward-sloping channel, kind of like a price rollercoaster heading lower with every bounce. The chart shows a clear “break of structure” (BOS), which means the price broke through a key support area, a sign that buyers are losing control.
Crypto Market Cap Overview
The overall market sentiment is down however the trading volume is growing, which shows that buyers are coming into the market but it is too early to decide if the market is ready to push back up. The total market cap is also down over 1% sitting at $3.11T, according to Coinmarketcap
According to coinglass,181,170 traders were liquidated in the last 24h, bringing the total liquidation to $623.25 million. Most of the damage hit the bulls, with $474.18M in long positions. The bears didn’t escape either, losing $149.20M in short positions. Bitcoin took the most hit with $236.35M liquidated, followed by Ethereum with $172.62M.
