The crypto market is still falling, but Bitcoin has already stabilised
Market picture
The crypto market lost another 1.44% of its capitalisation in 24 hours to $2.13 trillion. The pressure is due to the ongoing wave of dollar gains and declines in risk assets due to the medium-term impact of the Middle East conflict and short-term profit-taking ahead of the US jobs report. The Sentiment Index returned to fear territory, falling to 37, a two-week low.
Bitcoin found support on the decline towards the 50-day moving average and the $60,000 area. Over the next two days, swings within the $60-63.6K area could be misleading market noise as the market awaits new information.
XRP, which has lost around 20% in four days, is failing to find support. Despite the news of the ETF application, the coin fell from the upper boundary of the sideways range to the lower boundary. On Wednesday, it broke the 50—and 200-day moving averages in one fell swoop, pulling back below $0.53. A breakout of the range with a confirmation below $0.50 could trigger a drop to $0.40.
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