The recent bearish move had shaken the entire crypto market, which was painted red throughout the day. Nevertheless, after reaching the lowest levels, the majority of the tokens, including Bitcoin & Ethereum, triggered a rebound, which revived the possibility of a recovery. However, the markets have turned green as most of them have recovered more than 40% of the losses incurred during the previous day’s trade.
On the other hand, the total crypto market capitalisation does not display any impressive gains. Regardless of the recent rebound, the levels remain stuck within a range, flashing both bullish and bearish possibilities. However, the bears continue to exert significant pressure over the rally and hence, a pullback appears to be on the horizon.
The recent pullback caused the levels to drop below the crucial range of around $1.86 trillion, which was defended by the bulls. However, the RSI remains below the lower threshold regardless of a bearish divergence. Hence, reviving the possibility of an extended bearish continuation may retest the range. If the bulls fall weakly at these levels, then the global crypto market cap may plunge heavily to the support zone between $1.65 and $1.62 trillion.
Besides, the Bitcoin price is juggling around $55,000 after demonstrating a minor rise from the previous day’s close at around $53,500. No major price action has been recorded, as the bulls appear to be pretty weak ahead of the growing bearish strength. The bears appear to be passive at the moment and are expected to exhibit extended pressure in the coming days. Therefore, the BTC price continues to remain under bearish pressure, until it reclaims the 200-day MA at $61,500 before the end of the week.