Recently, the cryptocurrency market has shown signs of stabilizing after a period of bearish activity, allowing for some consolidation to take place.
Bitcoin is currently priced around $61K as of Sunday morning, while Ethereum has dropped below the key level of $3K.
Will the Bitcoin Bulls Regroup?
As reported by CryptoPotato yesterday, Bitcoin experienced a sudden decline, falling below $61K and losing approximately 3.5% in value in a single day.
This drop was attributed to a statement made by a US Federal Reserve representative suggesting that it might be premature to consider rate cuts.
Since then, the market has stabilized, indicating that the worst may be over.
Although there was an attempted recovery by the bulls, it was short-lived as selling pressure pushed the price back to $61K, where it currently stands.
Despite recent declines, the Fear and Greed index still indicates that the market sentiment leans towards “greed.”
Altcoins Stabilize, Ethereum Below $3K
While major altcoins have yet to fully recover from the recent crash, they are showing signs of consolidation with slight gains, as reflected in the heatmap below.
While the short-term heatmap indicates overall positivity, a closer look over a seven-day period shows most cryptocurrencies trading in the red.
Ethereum is currently consolidating below the important $3K mark, and it will be interesting to see if buyers can reclaim this level soon.
Top performers today include Immutable (IMX) with a 4.7% increase and Ribbon Finance (RBN) with a 3.3% increase.
Conversely, the biggest decliners are Zebec Protocol (ZBC) down 7.8%, and Kaspa (KAS) down 4.8%.
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