Market picture

The cryptocurrency market is once again testing the important $2.15 trillion milestone, adding almost 4% in the last 24 hours. Selling pressure has been building near this level since early August. Now, thanks to the impressive recovery in stock indices, cryptocurrency buyers may feel more confident.

Bitcoin, having added 3.2% since the start of the day and around 4.5% in 24 hours, has once again come close to testing its 50-day moving average, trading just below $61.0K. Overcoming this resistance, from where Bitcoin has been selling off since 9 August, would take it to a test of its 200-day MA near $62.7K. A consolidation above these levels could dramatically improve sentiment in the entire cryptocurrency market and inspire more active buying.

Solana is trading below its 50- and 200-day MAs and near the lower end of its trading range, squeezed by news of the SEC's doubts about its security status. This reverses the chances that an ETF based on it will be approved soon. Technically, a consolidation under $130 will be an important signal of buyers' capitulation.