The cryptocurrency market is recovering slightly after a dump that has lasted a few days. Currently, some of the top 10 coins are in the green zone while the biggest gainer is Bitcoin SV (BSV), whose rate has risen by 4% over the past 24 hours.
The overall market decline has affected altcoins more than Bitcoin (BTC). The main crypto's market share has increased by a small percentage with the current index amounting to 63.8%.
Relevant data for Bitcoin is below.
Market Cap: $99 120 604 133
Volume (24h): $49 282 804 836
The data is relevant at press time.
BTC/USD: Has the accumulative period already begun?
After a fall to almost $3,500, Bitcoin (BTC) continues trading sideways in the $5,000-$5,800 range. However, its losses over the past week have been significant as the coin has dumped 40%.
On the daily chart, we can view the current situation as an accumulation before upcoming growth. It is too early to think that the bottom has already passed. However, Bitcoin (BTC) is oversold, even on the big time frames.
In this case, the nearest resistance the chief crypto may find is in the $7,000-$7,100 area. Moreover, there is high liquidity in this price range.
On the weekly chart, it is crucial to pay attention to the MA 200. If Bitcoin (BTC) closes below it in the current week, we can expect a bearish period of a few months. Otherwise, traders can expect a sideways trend between $6,000 and $7,000 shortly. It is important to consider that growth is possible only through an accumulation phase.
Bitcoin is trading at $5,396 at press time.