- Crypto market continues to surprise the community.
- The Clarity Act’s failure did not slow down a crypto market recovery.
- What can we expect from crypto assets this week?
The crypto market experienced an incredible week previously as the prices of BTC and ETH both broke through price resistances to trade at slightly higher prices. The crypto community is now watching to see if these prices will hold. As the crypto market continues to surprise the community, analysts come together to discuss what we can expect this week for the prices of crypto assets.
Crypto Market Continues to Surprise the Community
Last week, sentiments kicked off at with low sentiments as the Clarity Act failed to pass. Most expected the crypto market to experience a rapid fall in prices to follow, but instead, the crypto market continues to rally after an extremely short dip. For instance the price of BTC went from $78,000 to $77,000 and is now trading at $81,000, having broken past the $80,000 price area.
Similarly, the price of ETH went under $2,400 and surged back up to over $2,500, and is now trading in the $2,600 price range. This not only raises hope for ETH to continue to surge and reclaim higher prices to fulfil its expectation of outperforming BTC this cycle, but also pumps the possibility of other altcoins to outperform as well. Already, a handful of altcoins have been showing strength.
What Can We Expect This Week?
To highlight, the popular altcoin, NEAR, has surged by over 120% over the last 30 days, with an 80% price surge being played out in the last 7 days alone. Indeed, this surge was a pleasant surprise, especially as the momentum only kept growing after the failure to pass the Clarity Act in its penultimate vote. So, as we can see from the post below, in a time when crypto was expected to fall, it rose serendipitously.
To highlight, when most expected crypto to crash this week, but it did the exact opposite. First, BTC held $75,000 support, bounced 7% from the low and is back above $80,000. Likewise, ETH held $2,350, bounced 10% from the low, and is back above $2,550. Meanwhile, altcoins surprised everyone, and is up 17% from the recent low and back above $225 billion for the first time in 8 months.
What’s more, the total crypto market cap held $2.5 trillion and added $200 billion from the recent low. All these moves happened while Clarity Act failed, the Fed hiked rates and oil stayed high. The important part is that the major supports are still held, which makes this bounce more bullish. Now BTC needs a weekly close above the 50W MA at $78,760, then a break above $83,000 and ETH needs to hold above $2,600. Until then, this is just a strong bounce, not a bull market confirmation, the post concludes.
