Cryptocurrency market retreats after recent rally, Bitcoin and Ethereum slip By Investing.com

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Cryptocurrency market retreats after recent rally, Bitcoin and Ethereum slip

Published Nov 19, 2023 08:38PM ET

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Cryptocurrency market retreats after recent rally, Bitcoin and Ethereum slip

BTC/USD

+0.30%

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ETH/USD

-0.53%

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DOGE/...

+0.92%

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SHIB/...

-0.84%

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NEW YORK - The cryptocurrency market is experiencing a downturn following a period of substantial gains, with leading digital currencies Bitcoin (BTC) and Ethereum (ETH) facing declines. After reaching a peak market capitalization of $1.4 trillion, the sector is showing signs of a pullback.

Bitcoin, which recently saw its price climb, has reversed its gains, currently trading at $36,656.75. This represents a significant drop of over 15% within the past week. Analysis from Santiment points to a decrease in transaction volume and an increase in the Market Value to Realized Value (MVRV) ratio, suggesting that the price may have been overvalued. Despite the bearish momentum indicated by technical indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), the Chaikin Money Flow (CMF) remains above zero, signaling some optimism.

Ethereum initially surged above $2,000 but has since retreated to $1,959.51, reflecting a drop of more than 4% in seven days. The downturn comes despite signs of continued interest in Ethereum's futures markets, as evidenced by a positive funding rate and Taker Buy Sell Ratio. The Korean investment sentiment has been low, as reflected by the Korea Premium Index.

Meme cryptocurrencies are mirroring the losses seen across the broader market. Dogecoin (DOGE) and Shiba Inu (SHIB) have seen their values fall by up to 7%. The decline in these popular coins further underscores the current market trend.

The overall sentiment in the cryptocurrency market is currently 'greedy,' according to the Fear and Greed Index which stands at 69. However, with trading volumes dropping by 40% and key technical indicators signaling bearishness, there is an anticipation of continued slow movement in the near term. Major wallets have reportedly shed over 50k BTC post-rally, contributing to the decline in transaction volume.

As investors and traders navigate this volatile landscape, they will be closely monitoring these metrics and analyses to gauge future movements within the cryptocurrency market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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Cryptocurrency market retreats after recent rally, Bitcoin and Ethereum slip

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