Bitcoin has changed little over the past 24 hours, trading at $19.4K on Tuesday at the start of the day. The initial fall was neatly redeemed during active European and US trading amid a rebound in equity indices. Some investors and traders saw the market response as excessive and sought to buy back the market at its current levels.
The capitalization of the entire crypto market rose 2.7% in the last 24 hours to 936bn. Both bitcoin and the crypto market continue to receive support near levels of the low three months of the previous three months, around the area of $20K and $900B, respectively.
Despite a lull in selling, the technical balance of power is on the side of the bears, with the potential to renew the June lows and move into the $12-14K area.
According to famous expert Willie Wu, the cryptocurrency market has not yet bottomed out. According to him, if bitcoin fails to stay in the $19K – $20K range, it faces a collapse to $17.6K. However, BTC might only go down around $10K.
According to CoinShares, investments in crypto funds rose last week after sharp outflows in the previous week. Net inflows of $7 million compared to outflows of $63 million the previous week.
$17 million Inflows to bitcoin funds contrasted with $15 million outflows from Ethereum funds. Investments in funds that allow shorts on bitcoin rose by $3 million. “The combination of positive and negative flows suggests a continued lack of investor engagement in cryptocurrencies,” CoinShares said.
After nearly two years of litigation, the SEC and Ripple Labs have called on a federal court to immediately rule on whether XRP sales violate US securities laws.
This article was written by FxProAlex Kuptsikevich’s Senior Market Analyst.