The crypto markets are cooling off this Monday morning following a big weekend of solid gains. Technical signals are still bullish though, so the momentum could continue this week.
The total crypto markets’ capitalization has retreated around US$12 billion[AU$18.7 billion] over the past 24 hours as cryptocurrencies start their expected corrections.
From a Sunday high of $256 billion total cap has dropped back to $244 billion during the Asian trading on Monday morning, according to CoinMarketCap.
The move has taken Bitcoin prices back into the high $8,000 zone as it failed to break resistance above $9,000.
Analysts are still largely bullish as BTC has just printed its seventh weekly green candle in a row. The last time this happened was at the end of the 2018 bear market in March 2019.
Bitcoin just closed its seventh consecutive weekly gain. This hasn't happened since April 2019 when the last bear market ended. $BTC pic.twitter.com/rMSjP851SL
— Zack Voell (@zackvoell) May 4, 2020
The downtrend is still very much intact on longer time frames and will remain so until Bitcoin forms a new higher high above its previous at $10,500.
Ethereum has taken a bigger hit with a seven-percent slide back to $200. ETH must hold this crucial support level to avoid further losses which could see it back at $180 fast.
Red has enveloped the crypto charts today with Bitcoin Cash, SV, and EOS taking the biggest hits.
Image courtesy of David McBee/Pexels
