Market picture

Over the past 24 hours, the cryptocurrency market has rallied 1.6% to $2.08 trillion, but in the past few hours, there has been a sell-off from a high of $2.15 - roughly the midpoint of the past 30 days' range. Although cryptocurrency prices are higher on average than the previous day, there is a noticeable selling trend on the upside. The sentiment index stands at 31 (fear), up from 25 the previous day.

Bitcoin does not break above $60K and faces selling after it tried to break above the 50—and 200-day MAs late last week, showing seller dominance. Although sentiment has moved out of extreme fear territory, the RSI index on the daily timeframe has moved out of oversold territory, losing momentum for further strength. In this environment, Bitcoin is likely to fall by $5K rather than rise by the same amount.

Ethereum is up 4.5% in 24 hours, but on the daily chart, the 61.8% Fibonacci level from the 22nd of July high to the 5th of August low acts as the upper boundary of the technical correction.