Bitcoin, which reversed the upward trend of the past weeks and showed negative activity at the end of the week, continues its downward trend in the new week...
“Bitcoin, which reversed the upward trend of the past weeks and showed negative activity at the end of the week, continues its downward trend in the new week. Bitcoin cannot recover its losses until it starts the new week at $26,200. Ethereum, on the other hand, continues its downward streak against Bitcoin for five weeks and finds buyers at $ 1,578, while altcoins have a partially positive trend. “The total value of the crypto market is around 1.02 trillion dollars, with a negative trend.” Bitay Research Department Analyst Betül Yavuz wrote about the developments in the cryptocurrency market on the first day of the week.
As Bitcoin ended its upward trend, it has been moving below the 50-day moving average since yesterday, in a negative region for now. If the pullbacks continue, the $25,770 region appears as a very critical support. While the lack of volume and negative activity in Bitcoin has continued for over a month, investors are still waiting for positive news flows.
Last month, Vitalik Buterin, one of the founders of Ethereum, came to the fore with his Eth transfers to the global stock exchange Coinbase. According to LookOnChain data, Buterin transferred Eth to the exchange again. While it is not yet known why he made the transfer, rumors that he will start converting to cash cause the Ethereum price to diverge more negatively compared to Bitcoin.
First on this week's macro agenda is SEC Chairman Gery Gensler's appearance before the House of Representatives on Wednesday. There has been a very conflicting history with Gensler in the parliament regarding cryptocurrencies. Gensler's speech is expected to cause activity in the crypto market. US growth data and Powell's speech will be followed on Thursday. On the last trading day of the week, Ripple, which achieved great success in the SEC case, will crown its great victory with a party. In this period where the effects of macro data on the crypto market last for a very short time, news flows in the internal dynamics of the crypto market are expected to continue to be important.
The total value of the crypto market is around 1.02 trillion dollars, with a negative trend. While Bitcoin and Ethereum show negative activity on the new day, a partially positive trend prevails in altcoins. Last week, LOOM, which differentiated itself from other cryptocurrencies, took the lead with a 125% increase, while FRONT came second with a 97% increase, and GLMR followed it with a 48% movement, taking the third place as the highest-earning crypto assets.
Loom Network (LOOM)
Loom, which has shown positive activity since the first weeks of September, brought a 230% profit rate to its investors. It increased by 125% last week and started the new week positively. It will be important for Loom, which instantly found a buyer at $0.1079, to maintain its permanence above $0.1075. It may then retest the next high at $0.1270. In case of a possible downward movement, the levels of $0.1075, $0.1019 and $0.09421, respectively, are in a support position. It is useful to be careful about Loom, which shows quite volatile activity.
Moonbeam (GLMR)
Glmr, which has been in a downward trend since February 2023, continues the new week with an upward movement exceeding 50%. It will be important for Glmr, which found buyers at $0.2510 in the morning, to exceed the $0.2563 level for the upward movement to continue. If this level is broken, first the 200-day moving average level of $0.2753 and then the Fibonacci level of $0.3169 can be met. In a possible downward movement, $0.2228 and then the 50-day moving average level of $0.1828 can be considered as support.
