Cryptocurrency market overview

Market Review of Cryptocurrencies

Yesterday’s decline is well explained by profit-taking at the end of the month.BTC and ETH saw a slight drop, but it was not critical and they managed to hold their levels. During the night, there was a technical rebound, but closer to noon, another story unfolded: Spain unexpectedly reported strong economic performance, which led to a wave of growth in the stock market, which was then picked up by the crypto market. The market reacted weakly to other news. In the evening, there will be a block of statistics from the US, and given the current market sentiment, neutral data is more likely to be perceived as positive.


Industrial activity index (ISM) – 18:00.

The data is not very important, but given the relatively quiet week for news, the reaction to it could be strong.

Base scenario

With BTC, everything is still in line with the strategy I outlined over the weekend, “I will buy at $22,850 with a stop at $22,650 if there is a significant drop.” However, the market now looks more positive, as large players have had enough time to comfortably accumulate positions at the bottom of the channel. It is now more likely to see further growth. I expect good growth in alts this week.

A drop below $23,350 in BTC would suggest a possible change in the current trend.

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