Crypto Market Highly Bearish Beneath One Level; Here’s What Could Tip the Scales
[NEWS BLOG]: Crypto Market Highly Bearish Beneath One Level; Here’s What Could Tip the Scales
The aggregated crypto market has been struggling throughout the past few weeks, with it incurring an insane selloff that was catalyzed by Bitcoin’s decline from its mid-February highs of $10,500 to lows of $3,800.
This selloff did significant damage to the market’s technical strength, leading many investors and analysts to adopt a bearish sentiment – a far cry from that seen throughout the beginning part of the year.
One prominent analyst is now noting that there is one key level that bulls must surmount if they want to propel the market higher, as a failure to do so could lead to significant losses in the days and weeks ahead.
"Crypto Market Struggles to Break Key Resistance as Bearishness Grows "
At the time of writing, the aggregated crypto market capitalization is sitting at roughly $174 billion, which is around where it has been trading at over the past few days.
Over a one-month time frame, it is important to note that the market has seen significant volatility, with the market cap cratering from highs of $264 billion in early-March, to lows of $118 billion on March 13th.
This massive decline came about in tandem with the market-wide selloff that led many major cryptocurrencies to plunge by 50% or more.
Michaël van de Poppe – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that bulls need to reclaim the $185-190 billion market cap level in order for the aggregated market to be bullish.
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Ripple remained in a major downtrend from well above the $0.2650 level against the US Dollar. XRP price tested the $0.2240 support area and it could correct higher in the short term.
- Ripple price is down close to 6% and it broke the $0.2350 support area against the US dollar.
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- There is a contracting triangle forming with resistance near $0.2300 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The price must climb above the $0.2300 level to start a recovery towards the - read more.
Cryptocurrencies Show Signs of Maturing But Remain Too Risky
Bitcoin (BTC) presented historically low volatility this year, argues the Dec. 2019 SFOX report released on Jan. 8. Coupled with a lower correlation with altcoins, there are emerging signs that the market could start to behave in a more predictable way. However, the cryptocurrency asset class remains disproportionately risky compared to the stock market.
In its final monthly report for 2019, the analytics firm SFOX analyzed the yearly performance of Bitcoin and other cryptocurrencies.
Compared to traditional assets such as gold and stocks, Bitcoin held a remarkably low correlation index for the past six months. Its average 30-day correlation amounted to -0.037 - read more.
Crypto and Blockchain Jobs Have Increased By 26% Since 2018: Research
Those seeking employment in the blockchain and cryptocurrency industry have reason to be positive, says employment search company Indeed.
The number of bitcoin, blockchain and crypto-related employment ads in shares per million on the popular job listing site rose by 26 percent from 2018–2019, following a four-year trend of 1,457 percent growth in the sector, according to a “Seen by Indeed” study released Thursday.
On the other hand, sector-specific job searches dropped 53 percent over the same period, following a longer downward trend, the firm found. Enthusiasm among job hunters peaked during the height of the crypto bull market in late 2017, - read more.