The crypto market reflected a sluggish overall sentiment on Wednesday, November 12 with majority cryptocurrencies having registered losses. Bitcoin price dropped by nearly two percent in the last 24 hours. At the time of writing, the most expensive crypto asset was trading at $103,364, data by CoinMarketCap showed. Bitcoin’s previous day price had hovered around $105,432.
Market analysts say that Bitcoin is currently testing resistance around $106,000. If the action is rejected here, it could trigger further downside for BTC. If, however, the asset manages to break above this level, BTC could rope-in bullish strength.
“The negative volume balance shows heavier trading on declines, suggesting weakening demand. However, the RSI’s positive divergence from price implies potential for a short-term rebound. Overall, Bitcoin remains technically neutral in the medium term, with $106,000 as the key level to watch for confirmation of either a recovery continuation or deeper correction ahead,” Unocoin CEO Sathvik Vishwanath told CoinHeadlines.
For Ether, the loss margin over the last day was slightly higher compared to Bitcoin. Reflecting a drop of 2.58 percent, ETH is presently trading at $3,450, CoinMarketCap showed. The asset’s last day’s value was reported at $3,563.
The score of 26 on the Fear and Greed Index indicates that the fear sentiment among traders has not fizzled as yet, that is contributing to the market not being able to snap out of the slumber.
On Wednesday, XRP joined BNB, Solana, Dogecoin, Cardano, Chainlink, Litecoin, and Zcash logged losses within the range of two percent to ten percent. Cronos, Mantle, Polkadot, Shiba Inu, Uniswap, and Near Protocol also registered price dips of upto five percent.
Meanwhile Tron, Monero, Canton, and Aster roped-in minor gains in the last 24 hours.
The overall crypto market cap has slipped by 2.24 percent over the last day, bringing the sector’s valuation to $3.47 trillion.
Analysts have advised traders to avoid hasty investment decisions as BTC shows signs of consolidation even as the U.S. moves to end its 40-day government shutdown. Experts predict that the ongoing volatility will be rather short-lived.
“Investor sentiment remains resilient with the release of the U.S. crypto market structure bill, which introduces clearer rules around regulatory control, listing standards for tokens, among others. Meanwhile, whales continue to accumulate, anticipating a relief rally as macroeconomic data turns favorable,” said Mudrex CEO Edul Patel.