In crypto news today, the market is still in a downturn. The total market cap is down by 1.9% to $3.54 trillion, and the Fear and Greed Index is sitting at 31, signifying fear. Moreover, the average crypto Relative Strength Index (RSI) is sitting in the neutral grey zone, signifying that the market is currently unsure and is waiting for a signal to push price actions either way.
(Source: CoinMarketCap)
retreated by 1.49% in the last 24 hours, despite positive news about the US Government ending the shutdown, and is currently trading at .
While the news helped the overall market confidence, it did not help BTC regain its momentum. Instead, investors shifted their focus to tech stocks that saw a stronger rebound.
Even Strategy Inc. adding 487 more coins to its stash did not move the needle. The company now holds more than 641,000 BTC, but the market barely reacted.
It has retested the resistance at $107,060 and the neckline of a double-top pattern, meaning BTC’s price movement has formed a break-and-retest pattern, a common bearish pressure continuation sign.
On the weekly chart, BTC will likely continue to move down in the short term. If its price breaches the support at $105,000, the next level to watch will be $100,000.
A move below that will likely cause BTC to drop to $96,800.
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Crypto News Today: ETH Holds Above $3,500, Market’s Confident
is showing signs of strength after a rough start to November, when its price dropped to just above the $3,100 level. Since then, it has bounced back modestly and has claimed the critical support level at $3,500.
Currently trading at , it is signalling a renewed interest from buyers. A big part of this recovery comes from institutional investors, who recently added $1.37 billion worth of ETH to their holdings, suggesting confidence in ETH’s long-term potential.
Technically, ETH is still holding up above the trendline support that was established in April this year. Its price action has captured the 20-day EMA and the 50-day EMA and is currently in the process of testing the 100-day EMA at $3,648
(Source: TradingView)
Meanwhile, market data shows strong liquidity between $3,500 and $5,000, meaning investors are ready to buy if prices keep rising.
Market analysts are cautiously optimistic. Analyst Tom Lee believes that ETH could hit $10,000 to $12,000 by the end of the year, with a long-term goal of $60,000.
However, there is a catch. If ETH falls below $3,425, it could lose its momentum and further slide down to lower support levels.
