Analyst Says Apex Crypto Isn’t Getting A Boost Despite Upbeat Mood On Wall Street By Benzinga

Benzinga – Major coins traded mixed on Sunday as the initial excitement surrounding Ethereum’s Shapella upgrade subsided. Adding to the uncertainty were concerns regarding regulatory and macroeconomic conditions, which appeared to be resurfacing.

What Happened: At the time of writing, the global cryptocurrency market capitalization stood at $1.20 trillion, a decrease of 0.02% over the last day.

The U.S. stock market on Friday saw gains as investors examined the latest technology earnings reports. The S&P 500 index increased by 0.83%, while the Nasdaq Composite index persistently rose, gaining 0.69%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: “The crypto market is struggling for a fresh catalyst as the banking crisis looks like it might very well end with First Republic Bank. The Fed will protect the banks and that should mean the recent trend of crypto strength on banking woes is coming to an end. Bitcoin isn’t getting a boost despite an upbeat mood on Wall Street as many traders remain in wait-and-see mode over US crypto regulation,” said Edward Moya, senior market analyst at OANDA.

Analyst Michael Van de Poppe said this weekend, Bitcoin has remained subdued with no indication of a significant breakout above $30,000. In the current market scenario, holding above $29,200 is crucial, and a potential correction to $28,300 could act as an ideal trigger for new long positions.

Analyst Bennett predicts that Bitcoin will soon experience a short-term surge, as there is a huge pool of short stops resting above the $30,000 level for BTC. However, he also believes that this rally could result in a swift corrective move, potentially causing BTC to drop as low as $26,800 before bouncing back.

“Something like this from BTC wouldn’t surprise me after this week’s volatility. Take shorts, then take longs. Let’s see.”

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

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