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Weekly Price Analysis: The Market Recovers from Technical Selloff
The cryptocurrency market has been experiencing a rollercoaster ride in recent weeks, with prices plummeting due to various factors including regulatory concerns and the Omicron variant. However, as of this writing, it appears that the market is attempting to recover from its technical selloff.
Bitcoin’s price action continues to be closely monitored by investors and analysts alike. As previously stated, we anticipated a pullback and recovery in BTC price following its impressive run above $100k. The current price of $106k indicates that our prediction has been validated thus far.
However, it is essential to note that the primary trend still remains bearish until Bitcoin closes above $105k. This will validate the new all-time high and signal a bullish continuation in the market.
Solana’s (SOL) price action has also regained some of its lost ground after being heavily influenced by the broader market sentiment. As highlighted in previous updates, it was crucial for Solana to break below its local support zone at $160, which may lead
Source: coinjournal.net
