Bitcoin (BTC) is trading at $100,700 today, having fallen below $101,000 before the US markets open. It is stated that BTC needs to permanently exceed $103,000 for the cryptocurrency market to continue rising. In addition, the Fed meeting minutes and other important US economic data to be announced in the coming days may put short-term pressure on the markets.
Despite Bitcoin’s price drop, some altcoins are moving towards their weekly peaks. Especially as developments regarding Donald Trump’s presidency increase, a major rally is expected in Trump-backed crypto products. NEAR Coin is among the projects that could benefit from this process. Analyst Daan Crypto Trades stated that NEAR is maintaining its daily 200 MA/EMA levels and could indicate a potential rise after a major consolidation process.
General Situation in the Crypto Market
Although it is thought that net inflows to the stock market may increase selling pressure, the negative movement of BTC's net flow signals that upward movements in the market may be triggered. Binance's Netflow SMA14 index becoming negative is interpreted as a harbinger of an increase. However, the fact that there has not yet been a significant increase in other major cryptocurrencies such as Ethereum (ETH) and the testing of the $ 3,500 level may have negative effects on the altcoin market.
If NEAR Coin achieves a successful uptrend, its price is expected to rise above the $20 level. This increase could create significant opportunities for investors and cause remarkable movements in the crypto market.
According to analysts, the cryptocurrency market is likely to be quite active during this period. It is stated that altcoins, especially NEAR Coin, have the potential to make significant gains.
