Market moves: Bitcoin rose slightly on Sunday but was still way off its price of a week ago; most major altcoins dipped over the weekend.
Technician’s take: BTC was confined to a tight range over the weekend. Indicators are neutral, although oversold conditions could keep short-term buyers active.
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Bitcoin (BTC): $42,176 +0.1%
Ether (ETH): $2,879 -0.7%
Asset Ticker Returns Sector Stellar XLM −2.6% Smart Contract Platform Solana SOL −2.4% Smart Contract Platform Cosmos ATOM −2.0% Smart Contract Platform
Bitcoin inched upward on Sunday but remained well off where it started the week amid investors’ concerns about ongoing inflationary pressure and a possible war with Russia.
At the time of publication, the largest cryptocurrency by market capitalization was trading at about $42,200 up slightly over the past 24 hours Ether and other major altcoins fell. Ether was trading at about $2,880, off slightly.
«Overall, crypto is down this week, including a slide in prices Friday that some believe is correlated to reports of Russian military exercises indicating that an invasion and possible resulting war is imminent,» said Joe DiPasquale, the CEO of fund manager BitBull Capital.
Trading volume for the past week was about half its level of a year ago, leading to the high price volatility. «This week has seen the prices of major cryptos both rise and fall sharply,» DiPasquale said.
Bitcoin (BTC) sellers were active after buyers failed to sustain a break above $45,0000 this week. The cryptocurrency was roughly flat over the past 24 hours and was confined to a tight range over the weekend. Initial support at $40,000 could stabilize pullbacks.
The relative strength index (RSI) on the daily chart approached oversold territory on Wednesday, which preceded the recent downturn in price. On the weekly chart, however, the RSI is rising from oversold levels similar to what occurred in March 2020, which could keep buyers active over the short term.
Momentum indicators improved on the weekly chart after BTC rose 4% over the past seven days. That suggests a neutral outlook so long as support holds above $35,000-$40,000 over the weekend.
Still, the monthly chart appears bearish similar to July 2018, which was the middle of a crypto bear market.