Mixed Trading for Bitcoin, Ethereum, and Dogecoin Anticipated in the Upcoming Week
Major cryptocurrencies are trading mixed amid increasing regulatory challenges and liquidity concerns. Last week, the US Securities and Exchange Commission (SEC) labeled several major altcoins as securities and cracked down on crypto exchanges. Despite this setback, the crypto market has exhibited resilience with Bitcoin and Ether remaining steady after slight dips due to low trading volumes. The global crypto market capitalization at the time of writing was $1.05 trillion, up by 0.30% over the last day. Some altcoins such as Polygon, Aptos, and Zcash have recorded gains in the last 24 hours. Analysts suggest buying altcoins with a strong underlying narrative despite the market downturn. On the other hand, Santiment, an on-chain data analytics firm, suggests that Bitcoin’s accumulating whales have been quietly signaling a bullish divergence with an increase of approximately 1,000 BTC per day, which indicates a promising rebound on the horizon. Traders are closely watching the Federal Reserve’s policy meeting and the latest inflation data. The S&P 500 futures remained relatively unchanged while the Nasdaq 100 futures saw a slight boost of 0.27%. Investors maintained their optimism heading into the new week after markets had a positive run, with the S&P 500 rallying to its highest point since August and posting its fourth consecutive week of gains. Bitcoin is expected to test the resistance at $26,100, and CME gap at $26,500 may likely get filled in the next few weeks. DonAlt, a pseudonymous analyst, believes the current outlook for altcoins is bleak, but crypto bulls should focus on accumulating altcoins with strong underlying narratives.