A sideways Bitcoin price could lead to breakouts in ETH, XRP, LDO and RNDR. Amid recent mayhem surrounding the United States Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase, Bitcoin and Ether have held out relatively well, suggesting that institutional investors are not panicking and dumping their positions. As Bitcoin’s dominance rises to a year-to-date high, uncertainty may keep investors on the sidelines for the time being.
During this period, cryptocurrencies that have held out generally tend to do well when market sentiment improves. But as altcoin prices crumble, the cryptocurrency market’s near future remains unclear. This instability is intensified by the SEC labeling 23 cryptocurrencies as securities in their recent lawsuits, bringing the total count to 67.
Cryptocurrencies such as Bitcoin, Ether, XRP, and LDO are currently attempting to sustain above their respective support levels and start a rebound. Bitcoin, for instance, is repeatedly retesting a support level within short intervals, which tends to weaken it.
On the other hand, Ethereum has been in a corrective phase for the past several days. The bears pulled the price below the 50% Fibonacci retracement level, but the bulls prevented a collapse by defending the strong support at $1,700.
With the recent turn of events in the crypto market landscape, it is clear that investors should closely monitor the market and weigh the pros and cons before making any decisions. Direction and momentum could shift either way at a moment’s notice, putting many investors’ holdings at risk. As the crypto market heads into uncharted territory, it is crucial to remain vigilant and make informed decisions in this ever-changing environment.
Source: Cointelegraph
