The Bears Prevail: Bitcoin and Ethereum Market Sentiment Turns Negative

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The broader cryptocurrency market has begun yet another week on a bearish trend, proving that last week’s surge was temporary and that the ‘crypto winter’ is far from over.

The world’s leading cryptocurrency, Bitcoin, lost the $23,000 price level last weekend and is now struggling to retain the $22,000 mark as well.

At the time of publication, Bitcoin has lost the $22,000 trading area and is selling at $21,909, with a fall of 3.17% in the last 24hrs.

One of the well-known analysts, Rekt Capital, states that to enable the 200 moving average as its support, Bitcoin needs to close its weekly candle beyond $22,800- a move predicted to take place by the end of the week.

However, if the flagship currency continues to trade under such immense bearish pressure, then the currency might plunge further below $20,000 again.

Ethereum To Regain The $1,600 Level?

Meanwhile, the second largest cryptocurrency by market cap, Ethereum, has also experienced a downfall after grabbing the $1,600 price level. Currently, Ethereum is valued at $1,526, with a drop of 4.70% in the last 24hrs.

According to Santiment, an on-chain data analytics firm, the market sentiment around Ethereum is negative. Even the Ethereum gas fee is indicative of a negative trend.

Though the lead altcoin- Ethereum- seems to be struggling, other altcoins like Cardano (ADA) and Polygon (MATIC) are having a good streak and registered a double-digit profit last week. However, if the selling pressure continues to hover around the crypto space, the overall crypto market might again lose the $1 trillion position.