Bitcoin clings to $26k as the broader crypto market shows weakness

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(Kitco News) - The cryptocurrency market started the week with a whimper as the lasting effects of last week's enforcement actions by the US Securities and Exchange Commission combined with a busy week of economic data and interest rate announcements, kept business subdued.


Stocks, on the other hand, rose on Monday, continuing the trend of last week in which the S&P entered bull market territory, closing the week at its highest level since August, while the Nasdaq posted its seventh weekly close. consecutive positive. At the closing bell on Monday, the S&P, Dow Jones, and Nasdaq were all in the green, up 0.93%, 0.56%, and 1.53%, respectively.


The data provided by TradingView shows that Bitcoin (BTC) traded between a high of $26,275 and a low of $25,760 on the day and is holding near the support at $26,000 as of this writing.



USD/BTC Chart by TradingView


“July Bitcoin futures prices were lower in early US trading on Monday,” according to Kitco senior technical analyst Jim Wyckoff.



Bitcoin futures 1 day chart. Source: Kitco


"The bears have a slight technical advantage overall in the short term, as there is a slight downtrend in prices on the daily bar chart," Wyckoff said. "The path of least resistance for prices currently is sideways to the downside."


MN Trading founder Michaël van de Poppe referred to the ongoing sideways price action as “a waiting game” for Bitcoin and suggested there could be another sweep of the lows for the top crypto before a possible resumption of trading. the uptrend.



Market analyst Rekt Capital noted that the downtrend has been around since Bitcoin's mid-April high and could lead to a new “lower high” in the next two weeks if nothing changes.



Seeing a similar trend, Poppe scored on a follow-up cheep“Ultimately, we will see [in the] next few days if that will be maintained or if we will continue with this downward slope”.


Altcoins sink deeper into the red


The SEC's focus on identifying certain tokens as securities continued to weigh heavily on the altcoin market on Monday, with most tokens in the red as investors took a hands-off approach.



Daily performance of the cryptocurrency market. Source: Coin360


Notable exceptions to the broad recession include Stella (ALPHA) and Sui (SUI), which posted gains of 7.45% and 6.26% in Monday trading.


Total cryptocurrency market capitalization is now $1.05 trillion and Bitcoin's dominance rate is 47.7%.






Disclaimer: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a request to make any exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept responsibility for loss and/or damage arising from the use of this publication.


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