The cryptocurrency market saw an exciting but volatile 24 hours as Bitcoin price surged to around $30,200 on Binance, breaking its recent slumber. However, the momentum was short-lived as the price failed to sustain above $30,000, leading to a retracement.
The battle between bulls and sellers around this crucial psychological and technical resistance remains uncertain, raising questions about whether Bitcoin will attempt another breakout or enter a consolidation phase.
Altcoins Indecisive, Ripple’s XRP Takes a Hit
The broader altcoin market also experienced indecisiveness over the past day, with many cryptocurrencies recording minor losses. Notably, Ripple’s XRP faced a notable drop of around 2% from the top 10 tokens.
This decline might be attributed to the US Securities and Exchange Commission (SEC) formalizing its intent to appeal a recent court ruling. This ruling had determined that secondary XRP sales did not fall under the classification of an investment contract. The uncertainty surrounding legal matters could have impacted XRP’s performance.
Neutral Market Sentiment Prevails
The overall market sentiment, as indicated by the Crypto Fear and Greed Index, remains neutral. This index compiles emotional and sentiment data from various sources to produce a numerical gauge. The current reading stands at 53, showing a slight increase from the previous day’s 50.
This consistent sentiment aligns with the general market inactivity observed over the past week, a period characterized by limited price movement and subdued trading volumes.
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