The crypto market remains in prolonged consolidation as it approaches the $3 trillion level, losing about 0.5% over the past day. For the past five days, the market has fluctuated in a very narrow range, with some tendency towards shallower declines. Still, it has been unable to exceed its 200-day moving average, which is now passing through $3.01 trillion. A global positive is needed for a breakout, but it would open the way to the $3.50 trillion area.
$BTC is hovering near $94,500, forcing the entire cryptocurrency market to watch for the next move. Such long consolidations usually accumulate strength for further movement. The next major trigger is likely to be Friday’s labour market data.
$ETH continues to struggle with its downtrend, hovering around the $1,800 level for the past seven days, right where the 50-day moving average and the resistance line of the descending channel converge.
An upward momentum would be an important positive signal, but theoretically, under these conditions, the baseline scenario is a downward reversal.
