US recession continues

US Recession continues as crypto market remains tenacious

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The fallen crypto market has reclaimed its pace by becoming green in the last few days.

These past few days saw a $40 billion addition to the total cryptocurrency market capitalization.

Bitcoin’s dominance has increased already as bitcoin maintains its superiority over ALT coins.

As Bitcoin shows little price increment, other ALTcoins have done more like Ethereum with a 10 percent in price increment.

Speaking of BTC, after it managed to reclaim the $24K level, it has retraced slowly to the $23k level currently.

From the $24k region, professionals already predicted a $25k claim by BTC but the bears had the call.

Currently, BTC is holding up at $23k and more bullishness is anticipated this week.

ALT season is around the corner with Ethereum showing a massive bullish signal by pushing its entire ecosystem forward. This was evident in its layer two scaling solution – Optimism, where its native coin,  (OP) skyrocketed by almost 100% before a retrace.

ETH finally claimed the $1.7K level with great anticipations for the $1.8k, if BTC remains bullish.

Other ALTs like BNB, Cardano, and Polkadot are also up with reasonable percentages.

The most interesting part of the news today is that all the green condition of the crypto market is coming at a recession time in the US.

We have already received the update of the second consecutive negative GDP growth in the US.

We could call this a recession if we follow the standard definition of recession, but US officials are still optimistic as they still don’t consider the economy to be in recession.

However, the Fed has hiked interest rates again, this time with 75 bps – slightly below the expected 100 bps, which was well-perceived by the cryptocurrency market.

What to note about Bitcoin

Bitcoin's 4hours chart- Trading view
Bitcoin’s 4hours chart- Trading view

The price of Bitcoin is affected by many forces, mostly fundamental.

Bitcoin, which has been hyped to be a hedge over inflation has been tenacious till now.

From Bitcoin’s 4hours chart above, if its price goes above the $24.2k line, we are going above $25k but if its price goes below the $22.6k line, we are in a big mess.

However, we are still bullish with guided FA and TA.

 

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