Crypto market rests after recovery
Market picture
Over the past seven days, the cryptocurrency market went from falling to $2.5 trillion to rising to $2.71 trillion but later corrected to the $2.65 trillion area. The recovery momentum lost strength near the previous consolidation zone. The market has so far failed to overcome the descending resistance line formed from the peak on the US Presidential Inauguration Day.
The sentiment index is gradually moving out of the ‘extreme fear’ zone and consolidating in the ‘fear’ area. This is a good signal that the correction may be over, but there are still not enough catalysts for a full-fledged rally.
Bitcoin continues to trade within a relatively narrow range of $83K–$86K, hovering around the…
