In today’s market analysis, we’re witnessing a bearish environment as the global market cap has recorded a 0.66% decrease within a day, bringing it down to $1.05T. The fear and greed index has dropped to 34 indicating a growing sense of fear in the markets.
Bitcoin (BTC) Analysis
Bitcoin (BTC) continues to face mild bear activity with the asset currently trading at $26.04K. This represents a daily decrease of 0.08% and an alarming weekly decrease of 11.2%. In this gloomy scenario, there’s one positive sign: Bitcoin’s trade volume has spiked by 40% during the same period and is currently at $12.9B.
The Bollinger bands are still diverging which indicates that the volatility of Bitcoin is still high. The Relative Strength Index (RSI) is moving below its average level in the oversold region which means that bear effects are still prominent ahead of the recent dip.
Let’s take a look at some key data:
|Trade Volume Spike
BLZ and OP Volatility Levels
BLZ’s volatility levels are now spiking as indicated by Bollinger bands divergence while OP’s volatility levels remain low with Bollinger bands moving at a relatively close distance.
Interestingly, despite low volatility levels for OP, the RSI moves above its average line showing great bull dominance – something we don’t see often in these market conditions.
In these testing times where bears seem to be holding strong and bulls are trying their best to defend their ground, it’s crucial for investors to keep an eye on indicators like RSI and MACD along with trade volumes before making any decisions.
Remember that each market swing presents an opportunity for those who can spot them early enough – whether it’s Bitcoin or any other digital asset like ETH or OXT.
Stay tuned for more insights into the world of cryptocurrencies!
Disclaimer: This article should not be taken as financial advice but rather as an analysis based on data available at the time of writing.