The cryptocurrency market has slowed down significantly over the past few days, with most of the coins being completely unable to break out. Throughout the past 24 hours, specifically, the major cryptocurrencies are mostly trading slightly in the red.The major cryptocurrency seems to have given up on the idea of breaking above $31K, and now the major issue seems to be whether $30K will hold or not.
$30K is touted by many as a pivotal level, and it’s important to see whether Bitcoin will manage to remain above it.As seen in the chart above, the slow, choppy price action continues, and the consolidation is evident. This type of PA usually results in a massive move in either direction, and it’s interesting to see whether a continuation of the rally will take place or if a serious correction is looming.The altcoin market is mainly in the red today, with most of them charting slight declines.
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Bitcoin, Ethereum Technical Analysis: BTC Drops Below $31,000, After Becoming Overbought – Market Updates Bitcoin NewsBitcoin fell below $31,000 to start the week, as traders seemingly moved to secure gains, as the cryptocurrency became overbought.
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