The cryptocurrency market experienced very choppy conditions yesterday, as several waves of selling hit BTC and the broader market amid a string of bad news. The price of the most valuable coin held up over the critical $2450 support amid the bearish sentiment, but it failed to recover above the primary resistance at $2600 so far.
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Bitcoin tested that level today in early trading, following a positive announcement from South Korea, but most of the other majors are lagging BTC here, with Ethereum only producing a weak bounce off $200. With the short-term MACD indicator getting close to a bullish cross in the case of BTC, a rally above resistance could open up the way for a test of last week’s high.
Most of the other majors are virtually unchanged since yesterday’s report, with only Monero and Dash showing considerable strength following the dip. Litecoin, Ripple, and Ethereum Classic have been trading in narrow ranges since yesterday morning, while small cap coins are also stuck near their short-term correction lows. Let’s take a look at the charts and the diverging performance of the majors so far this week.
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