Back last week, the encryption market showed short and steady signs of opening in the new week. Bitcoin is back on the line of $64,000, maintaining a line of $1700 and XRP in the vicinity of $1.13. However, on a larger scale, the market remains vulnerable.

The three coins stopped falling at the beginning of the week.

Bitcoin had dropped by almost 4 per cent last week, by about 2 per cent in the Taipei and by 6 per cent in the XRP. After entering the week, the decline slowed, indicating that short-line sales pressure was lower than in the previous phase.

Of these, Bitcoin remains the focus of market attention. Although the price is back above $64,000, further repairs will depend on subsequent recovery of higher resistance zones.

Bitcoin is still below multiple critical averages.

Technically, the BTC is still operating under a number of major averages, including:

  • 50 days EMA approximately USD 69,106
  • 100 days EMA approximately $72,123
  • 200 days EMA approximately US$ 77,748

Prices continue to fall below these positions, suggesting that the current trend at the larger level is still empty and the seller has yet to withdraw from the dominant position. An upward trend line that had previously underpinned the market has also been broken, and the position is now in the vicinity of approximately $74,238.

This means that, even if the short-line rebounds, the market will need to break multiple upper pressure positions before it can change the current adjustment pattern.

The kinetic energy indicator shows a decrease in the pressure.

Although the overall trend remains weak, some of the kinetic energy indicators are beginning to show a slowing down. The relatively strong and weak index RSI has recovered from oversold areas and is now at a level of close to 50, reflecting a decrease in sales pressure compared to earlier periods.

However, RSI has not clearly stood in a strong zone, so that the market is not yet in a position to conclude that the reversal has taken place. At the same time, MCD is still in a positive area, with some support for price performance.

Below, $64.05 million is still the first important support for bitcoin. If this position is subsequently breached, the market may again face greater downward pressure and existing adjustments may continue to be extended.