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Analyst: Bitcoin and Ethereum could lead crypto market’s ‘minor pullback’

ByNdasi Tata

Jul 26, 2022
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1658773901936 e209eb9e b425 4078 ab98 5538f98f8d9b

Bitcoin is trading near $21,900 while Ethereum has dipped below $1,520.

The crypto market was largely green over the past week, with gains for Bitcoin and Ethereum pushing the top two cryptocurrencies to prices above $24,000 and $1,600 respectively.

As of writing, BTC is holding around the $21,900 mark while ETH/USD has dipped slightly to trade near $1,515. Both are in the green over the weekly chart, with most of the altcoin market also showing signs of holding onto recent gains.

However, the market remains beleaguered despite forecasts of a bottom looking like it’s in amid recent deleveraging. 

And analysts are also watching the equities market ahead of this week’s US Federal Reserve meeting. Given, a dump in the stock market could see risk appetite across crypto fade, with potential downsides for BTC and ETH reflected across the broader altcoin market.

Pro says BTC, ETH could fall to support levels

Crypto analyst Rekt Capital said on Monday that it is possible the market could be heading lower after last week’s sharp bounce.

“After a strong week last week, the crypto market looks set for a minor pullback. BTC, ETH and many altcoins appear to be positioned for healthy dips, which could figure as key retests of previous resistances into new supports,” he tweeted.

Glassnode notes that although momentum looks favourable for Bitcoin after the upside above $20,000, the long term outlook suggests otherwise. According to the platform, bulls might have to bear some pressure before establishing a “firm foundation.”

While analysts see $20k as a crucial support level for Bitcoin, Ethereum could dip to support in the $1.4-$1.3k zone.

The post Analyst: Bitcoin and Ethereum could lead crypto market’s ‘minor pullback’ appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist who's also known for being a Bitcoin and Blockchain advocate. He's a crypto lover and reporter and has promoted several crypto projects within the African Continent. He uses a variety of social media and online channels. In addition to running a successful Facebook page with thousands of fans, he also promotes blockchain and bitcoin development initiatives on the well-liked YouTube channel #cryptoafrica-now. He earned an M.Sc. from the University of Nicosia in Cyprus in Blockchain and Digital Currency. At the University of Nicosia, Andreas Antonopoulos, Ph.D., and Antonis Polemitis, Ph.D., serve as role models.

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