The crypto market is undergoing a period of volatility with the US-China in the process of finalizing a trade deal following prolonged tensions. Bitcoin on Monday, November 3 reflected a loss of 2.54 percent to trade at $107,570 on international exchanges. Data by CoinMarketCap showed that losses for the most expensive cryptocurrencies have widened by nearly seven percent in the last seven days.
Crypto analysts predict that Bitcoin will continue to remain rangebound between $109,500 and $111,000 before breaking into the next leg of the rally.
“The crypto market is in a bullish environment with the US-China finalizing a trade deal. Historically, such synchronized easing has led to major Bitcoin rallies, including the 2020–21 bull run during post-COVID monetary easing,” Edul Patel, CEO of Mudrex, told CoinHeadlines.
As of now, Bitcoin’s immediate resistance stands at $111,200 while its support is being gauged at $107,600.
Ether joined BTC in reflecting losses on Monday. With a dip of 4.28 percent over the last day, ETH’s trading value presently stands at $3,732, showed CoinMarketCap. In the course of a week, the asset has dropped in price by 11.80 percent owing to market volatility.
For now, a majority of altcoins are undergoing a period of slump alongside BTC and ETH. These include Ripple, Binance Coin, Solana, Tron, Dogecoin, Cardano, and Chainlink. Stellar, Hedera, Avalanche, Litecoin, and Zcash have also registered price dips between five to ten percent in the last 24 hours.
DEX token Aster, meanwhile, has clocked a gain of 10.72 percent after Binance founder Changpeng Zhao (CZ) revealed that he has purchased 2 million tokens. The asset is presently trading at $1.06.
The overall crypto market cap has dropped by 2.66 percent in the last 24 hours to claim the spot of $3.62 trillion. The score of 36 on the Fear and Greed index reflects fear in the market amid the ongoing U.S.-China negotiations.
Industry insiders, however, believe that this phase of the market slowdown will likely be short-lived.
“The Fed’s $29.4 billion injection and record liquidity boost from China’s PBOC will prove to be a turning point for global risk assets,” Patel noted.