The global crypto market capitalization declined by a couple of percentage points, dropping below the $ 2.59 trillion mark compared to last day. However, the total volume of the crypto market declined more than 10 percent to $ 131.44 billion.
Ether, the second largest cryptocurrency, shot to a record above $ 4,400 on Friday due to bullish sentiment surrounding the most widely used blockchain network. However, it gave up some gains over the weekend.
"The tokens related to the metaverse and NFT games have shown strong buying momentum last week. We can expect them to consolidate a bit before we start the next wave," said Hitesh Malviya, founder of Itsblockchain.com.
NFT's Metaverse-related assets have also shown an increase in sales volume after Facebook's rebrand announcement hit the market, he added.
As the first trading began in November, US stock futures rose marginally in overnight trading as Asia Pacific stocks opened higher for Monday morning trading, the research team at CoinDCX.
"As investors are preparing for a challenging week, we can anticipate that BTC and other major cryptocurrencies will likely increase in response to the upcoming hurdles," he added.
Meanwhile, CREBACO data shows that Indian cryptocurrency investments have surged to more than $ 10 billion from $ 923 million in April 2020, as crypto markets hit all-time highs.
Proassetz Exchange Technical View
After making new life to a high of $ 67,000 on October 20, Bitcoin has been consolidating in a range, but with a small bias to the downside for the last few sessions. The trends are definitely up on longer time frames, but we also notice lower upper formations on smaller time frames, such as on the 4-hour charts.
However, short-term weakness is expected to give way to the longer-term uptrend in the near future. The first evidence of resumption of the uptrend will come when prices break above $ 62,550, which is the first resistance today. Once this resistance is removed, $ 64,900 followed by $ 67,000 becomes the next possible target for Bitcoin.
On the lower side, BTC is supported at $ 59,700 and $ 58,590 levels. There is also a golden crossing of averages of 21 and 50 bars on a 4-hour chart. But this bullish signal will be confirmed only when prices successfully break above the $ 62,550 level.
(Opinions and recommendations provided in this section are those of analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in the assets listed).
