Crypto Market Holds $3.15T Despite Bearish Reversal

The cryptocurrency market maintained the $3.15 trillion mark this week despite an intraday drop of 0.86% and a trading volume of $98.59 billion. The top three cryptocurrencies, Bitcoin, Ethereum, and XRP, followed the market trend and experienced a bearish reversal, indicating a bearish outlook for the week.

Analysts and investors are closely monitoring the price action of these crypto tokens, fearing another potential crash. The sustained negative influence could pull the prices of BTC, ETH, and XRP toward their important support levels.

Bitcoin (BTC) lost approximately 1% in 24 hours with a trading volume of $34.188 billion. However, it added 3.38% to its portfolio in seven days and jumped 3.89% this year. With a market cap of $1.923 trillion, it has a market dominance of 60.81%. The Moving Average Convergence Divergence (MACD) shows a stable red histogram with its averages displaying a constant decline. If the bulls maintain the price of Bitcoin above the $96k mark, it will prepare to head toward its upper high of $100,000 in the coming time. On the contrary, a negative price action could end in it plunging toward its crucial low of $92,000.

Ethereum (ETH) recorded a jump of over 5% in seven days but lost 18.56% in the last 30 days and has a Year-to-Date (YTD) return of -20.87%. The Relative Strength Index (RSI) continues hovering around its oversold range in the 1D time frame. If a bullish trend reversal occurs, the ETH price could retest its upper high of $2,870. On the flip side, if the bears maintain dominance, this could pull the price toward its important support level of $2,530.

Ripple (XRP) lost 4.11% in 24 hours with a volume of $5.342 billion, a change of +34.15%. However, it jumped 6.98% in the last seven days and has a YTD return of +