Bitcoin continued to consolidate around the $7,300 level in early Tuesday trading, following the weekend’s pullback from $7,865. The broader cryptocurrency market is also trading sideways, struggling to find a directional bias.
Matic Network continues its recent breakout move to the upside as the token peaked at a 15 percent gain over yesterday.
The total cryptocurrency market capitalization is $193 billion, a loss of about 1.5 percent since the December monthly price open.
For the first time since Nov. 26, Bitcoin closed the day below $7,300 on Monday. The critical break signals that bears are regaining their influence.
While downside momentum has subsided since Sunday, a breakout under the $7,200 level exposes the BTC/USD pair to a possible test of $6,850. A head and shoulders pattern is also looming over the lower time frames.
At this stage, a multi-day price close above the $7,300 level is needed to convince short-term buyers to reenter the market.
The recent range breakout in the MATIC/USD pair continues fueling the token as the price reached levels not seen since May 23rd this year.
Technical analysis shows that…
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Author: Nathan Batchelor