Cryptocurrency markets have been on an upward trend over the past week, with Bitcoin (BTC) surging 11.5% and forming a bullish engulfing candle. However, BTC/USD fell sharply below a high of $25,000 and is currently trading at $24,434. Ethereum (ETH) is trading at $1,702, up by 7.50% from the past 24 hours. The second largest crypto, Ethereum price falls by 0.95% in the last 24 hours while its market cap is 206.43 billion USD.
Data from CoinMarketCap showed that crypto traders had a trading volume of over $500 million for Solana in the past 24 hours. Solana price soared by 12.45% in the previous 24 hours, with the market cap for this crypto standing at 10.01 billion USD. Additionally, the trading volume has soared by 312.13% during the previous 24 hours.
Bitcoin is facing resistance at the $25,000 level and analysts believe the asset may enter a period of consolidation before making a fresh move. If resistance at $25,000 is successfully surpassed, the long-term increases could continue and the next target could be the $29,500 area. Should a rejection occur, it will be essential to maintain support at $21,300.
The ever-popular Crypto Fear & Greed Index shows “greed” as the overriding sentiment flavor across crypto this week, with a reading of 62/100. Moreover, the Federal Open Market Committee (FOMC) meeting at the Fed could also affect the Bitcoin price this week.
Furthermore, Bitcoin bulls have a problem, which is becoming increasingly evident on short timeframes — the 200-week moving average (WMA). The 200WMA, the classic bear line, has acted as a resistance level since 2022. If Bitcoin manages to break above the 200-week MA cloud, it is likely that more traditional finance coverage of crypto will return.
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