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The crypto market holds positions but still looks down
Despite a mid-week spike in volatility, the cryptocurrency market remained virtually unchanged from the previous week’s capitalisation level, hovering around $1.050 trillion (-1% in 7 days). Bitcoin’s decline was a negligible 0.7%, while altcoins suffered losses of around 2%. The technical picture for Bitcoin remains bearish on weekly timeframes, as the price is below its 200-week average and outside of its ascending channel. The most likely short-term outlook is for a decline to the $23.9-24.6K region, with the lower boundary being the 50-week average and the upper one being the pivot area from last August. ... (full story)