Bitcoin (BTC) retreated over the weekend following what turned out to be a rock-solid week for the world’s largest cryptocurrency, and the crypto markets as a whole.
But bitcoin’s Friday closing price of $37,300 (following Thursday’s 18-month high no less) was partially eroded over the weekend, with the BTC/USDT pair closing half a percentage point lower on Saturday before further losses on Sunday.
At the time of writing, the pair was gravitating around the flat $37,000 with the bulls and bears attempting to stand their ground.
In lieu of any substantial economic catalysts in the coming days, until Wednesday’s US core inflation print at least, bitcoin is likely to narrow its trading range, unless the news cycle brings any major surprises.
This is hardly out of the question, given the market is on tenterhooks for a decision from the US regulators on the state of the pile of spot-bitcoin linked exchange-traded fund (ETF) applications waiting for approval.
For now, Binance’s order book for the BTC/USDT pair has buying support pitched at $35,500 and selling resistance between $38,000 and $38,500.
Bitcoin remains 37% higher over six months – Source: tradingview.com
Ethereum has witnessed a substantial retraction since soaring over 12% last Thursday, proving that the rally following BlackRock’s Ethereum-based ETF application was built on shaky foundations.
The ETH/USDT pair initially topped $2,130 on Thursday before falling back to $2,055 today.
Though a flurry of bitcoin ETFs is expected to be approved, the market appears to have come back down to reality on the prospect of similar ether-based trading products being approved.
Solana (SOL) has emerged as the top mover among the blue-chip altcoins. Despite an intensely volatile weekend, the popular blockchain token added another 5% this Monday morning, bringing its spot price to $59.
This is despite the FTX administrators ramping up their disposal of some 55.75 million SOL tokens held by the bankrupt cryptocurrency exchange.
Week on week, SOL has skyrocketed over 46%, while other top-10 altcoins including BNB, Cardano (ADA) and Dogecoin (DOGE) have kept their gains to the single digits.
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