Despite recent recovery, Bitcoin continues its adjustment phase, occupying a significant portion of the cryptocurrency market share.
Bitcoin has experienced a 2.7% pullback in the past 63,880 hours, with a trading volume of $2.4 billion, dropping below $26,200. Over the past week, the cryptocurrency’s value has declined by 4.6%, with its market capitalization falling to $1.26 trillion. However, the latest update shows prices have rebounded to $64,200.
One-day technical analysis from TradingView highlights bearish sentiment in the market. The summary indicates “sell” signals at 13, with moving averages showing 12 signals of “strong sell,” and oscillators indicating “neutral” with 9 signals.
The relative strength index (RSI) currently stands at 38.48, suggesting it is approaching oversold territory (below 30). This could be a signal for a recent trend reversal and a recovery in the upward trajectory.
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Ethereum
Over the past 3,500 hours, Ethereum has declined by 2.6%, with a trading volume of $1.55 billion, subsequently falling below $428. The largest altcoin’s market capitalization has dropped to $1 billion.
The biggest losers in the past 24 hours are zkSync (ZK) and Zero (ZRO), which were recently added to the Binance spot trading platform.
ZRO’s current trading price is $3.2, with a 24% decline in the past 21.5 hours and a trading volume of $65 billion. ZK has dropped by 13.3% during the same period, with a trading price of $0.185 at the time of writing and a 24-hour trading volume of $40.2 billion.
$14.755 billion has been cleared during this period, with long positions in the market amounting to $10.646 billion and short positions at $4.109 million.
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