Bitcoin Unable to Recover Decisively, Ethereum Consolidates Below $3K (Weekend Watch)

The cryptocurrency market has calmed down significantly over the past 24 hours, halting the downward attack and finding some consolidation in the process.

Bitcoin is trading at around $61,000 on Sunday morning, while Ethereum is now firmly below the $3,000 pivot level.

Are the Bitcoin bulls regrouping?

like CryptoPotato As reported yesterday, Bitcoin price saw a sudden correction, falling below $61,000 and losing about 3.5% in one day.

This appears to have been related to a statement from a US Federal Reserve representative, who said it may be too early to consider cutting interest rates.

The market has calmed down since then, and it appears the worst is behind us.

The bulls even tried to recover, but it quickly stopped at around $61.4K when sellers intervened and pushed the price to $61K, where it is currently trading.

It is worth noting that despite the recent declines, the Fear and Greed Index remains stable Pointing out That the market is in a state of “greed”.

Consolidation of altcoins, and Ethereum is below $3,000

None of the major altcoins by total market cap have recovered from the crash the other day, but they are at least consolidating and charting very slight gains, as shown in the heatmap below.

Although the market appears to be completely painted in green, this is just a 24-hour heat map. On a seven-day scale, most cryptocurrencies are trading in the red.

It is worth noting that Ethereum is now consolidating below the critical psychological level of $3,000, and it will be interesting to see if buyers will be able to reclaim it soon.

Meanwhile, the best performing stocks today are Immutable (IMX) – up 4.7%, and Ribbon Finance (RBN) – up 3.3%.

On the other hand, the cryptocurrencies that performed the worst were Zebec Protocol (ZBC) – down 7.8%, and Kaspa (KAS) – down 4.8%.