The value of the crypto market has increased from $100 billion to $129 billion and in our latest crypto news we find out whether the market can sustain momentum.
Over a period of five days after Bitcoin’s price increased, the crypto market saw a surge in value by almost 30 percent. Following the BTC rally, many of the technical analysts show concerns for the sustainability of the recently achieved momentum of the market as Bitcoin began retracing.
The popular Crypto Dog-cryptocurrency trader said that after the corrective rally of Bitcoin, we could expect the price trend of the number one crypto asset to experience a pullback to $3,700. He explained that if Bitcoin struggles to rebound from $3,650 and can’t find a resistance level below that, the corrective rally of the crypto market could possibly reverse in the short-term.
Hsaka, a crypto technical analyst explained that Bitcoin already dropped to the initial resistance level and there is still a risk of dropping to the $3,500 region in the following days. He said:
‘’I was out of all my longs yesterday once we hit the target, missed out on today’s move. Bitcoin flipped the resistance zone as support and commenced another leg up, sweeping the 3840 stops. Looks to me like we’ll retrace back to the initial resistance zone.’’
In order to recover, the crypto market has to show stability and slow, gradual increase in value. If a sudden spike in price happens, there is a huge vulnerable spot open for the market to drop in value.
The daily trading volume of Bitcoin still remains at around $6,6 billion but analysts claim that since it recorded an 18 percent increase over 4 days, the volume is quite weak.
If the corrective rally is followed by a stable, consolidation period, the market will have the base to climb and a mid-term rally can become reality.
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“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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