Are We In Bear Market? Crypto Market Update

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It is safe to say that bitcoin plays a major role in deciding the market direction it plays the major/leading role and the rest follows. If we a look at the bigger picture (1D Time Frame) the bitcoin has been in a downtrend since it got rejected from $69k, it dropped all the way to $33k where we had an initial bounce, the price touched $49000 and got rejected if we are able to sustain our current level I think we might revisit this zone

Market Condition

The overall market is not very good we had the TOTAL3 (Alts market cap excluding ETH) being rejected from the $825.105B mark which is not a good sign for alts, currently, the alts are trying to form support and retest the zone. Currently, the Alts Market Cap is at $716B, it is below the accumulation zone, if we want to turn bullish again we have to break through the $751B resistance and enter the accumulation zone again, the critical support zone for the alts is $616B which is a major support zone, I don’t think we are going to revisit it unless Bitcoin faces a major dump.



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