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The cryptocurrency market has decreased by more than 11% in the last seven days. The main impact for lower investors occurred this weekend and Monday after the imposition of American prices against Canada, Mexico and China. Despite an initial rally, the market continued to decrease, reaching a value of 3.15 Billions, which represents a drop below the lowest preceding cyclic.
A similar scheme was observed in March of last year when the market experienced an prolonged and somewhat alarming side crisis. The indications of feeling of the cryptographic market reflected with precision this mood, demonstrating a passage in the territory of fear by the end of the week.
Current conditions are relatively favorable to Bitcoin. Although the main cryptocurrency has also decreased, it did it at a slower rate compared to the global market, losing a little more than 6% over the seven-day period. The Bitcoin price fell below $ 97,000 and is now negotiated under its mobile average at 50 days. The consolidation below this level indicates a potential disruption of the upward trend, with a decline in the mobile average of 200 days, almost $ 80,000, considered as a possible target.
New context
Arthur Hayes plans that Bitcoin will return to the range of $ 70,000 to $ 75,000. The former Bitmex chief said that the driver of the decline would be aware that the US president’s current policies are practically the same as those of his predecessors. He thinks that the creation of a special Bitcoin (SBR) reserve (SBR) could be a “net negative” for industry as digital gold becomes a “political weapon”.
The share of Ethereum of the total market capitalization of the crypto has reached its lowest level in four years. JPMorgan said that ETH will continue to face Solana’s “intense competition” and layer 2 solutions (L2) with lower costs and higher performance.
If Ethereum holds $ 2,500, it could “bounce for $ 4,000 or even $ 6,000”, predicted technological analyst Ali Martinez. If the level of $ 2,500 is violated, the next target will be $ 1,700. Martinez noted that the capital continues to flow from Bitcoin and Ethereum in Stablecoins.
According to a JPMorgan survey of 4,200 World Customers in the Bank, 71% of institutional investors do not plan to exchange cryptocurrencies in 2025.
