Cryptocurrency markets show significant bearish momentum this Saturday after trading sideways most of last week. Bitcoin price is struggling to hold above the $20k range, while Ethereum is likely to break down through the $1,500 support. In addition, the global cryptocurrency market cap has dipped below the $1 trillion range, losing over 4.48% in valuation in the past 24 hours. The bears are making their presence known today, as prices are dropping and trading volume is increasing.
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Crypto Market Update
While cryptocurrency markets are usually quiet over the weekend, this time, it’s different. Bitcoin and Ethereum are down by over 4%, with a sharp increase in trading volume as a significant amount of cryptocurrency is exchanging hands.
While Bitcoin is struggling to hold support at $20k, the 24-hour trading volume is up by over 40%, currently at $42.9 billion. In addition, Ethereum is showing a 7.63% decrease, with an even more significant increase in trading volume of over 60%.
According to the traditional definition and analysis of trading volume and market patterns, a decrease in price with an increase in trading volume suggests a bearish pattern. Combined with the fact that the global crypto market cap dipped below the $1 trillion range, the bloodbath is likely not over.
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