The major coins traded mixed on Sunday as initial excitement surrounding Ethereum’s Shapella upgrade ebbed. Adding to the uncertainty were concerns about regulatory and macroeconomic conditions, which appear to have resurfaced.

cryptocurrency Profits (+/-) Price (taken at 9:30pm EST)
Bitcoin BTC/USD +0.38% $29,266
ether ETH/USD -0.79% $1,884
Dogecoins DOGE/USD -1.24% $0.079

What happened: At the time of writing, the cryptocurrency’s global market cap stood at $1.20 trillion, down 0.02% from the last day.

The US stock market posted gains on Friday as investors scrutinized the latest tech earnings reports. The S&P 500 Index gained 0.83%, while the Nasdaq Composite Index continued to rise, gaining 0.69%.

See more: Best Crypto Day Trading Strategies

Analyst Notes: “The crypto market is struggling for a new catalyst as the banking crisis looks like it could very well end with First Republic Bank. The Fed will protect banks, and that should mean the recent trend of crypto strength on bank troubles is coming to an end. Bitcoin is failing to gain a boost despite bullish sentiment on Wall Street as many traders remain on hold on US crypto regulation,” he said Edward Moyasenior market analyst at OANDA.

analyst Michael Van de Poppe said this weekend that Bitcoin has remained subdued with no signs of a significant breakout above $30,000. In the current market scenario, staying above $29,200 is crucial and a potential correction to $28,300 could serve as an ideal trigger for new long positions.

Analyst Bennett predicts that Bitcoin will soon see a near-term surge as there is a huge pool of short stops above the $30,000 level for BTC. However, he also believes this rally could lead to a quick corrective move that could potentially see BTC fall as low as $26,800 before bouncing back.

“Something like that from BTC wouldn’t surprise me after this week’s volatility. Take shorts, then longs. Let’s see.”

continue reading: Jim…

[ad_2]

Source story