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Crypto market trims gains as traders watch $2.75T to $2.80T

Total crypto market capitalization is $2.86T, up 2% on the week but 3.7% below last Wednesday’s peak, while the sentiment index stayed at 74.

Reported · Written up by our desk · Market Structure

Crypto market capitalization is about $2.86T, up 2% from a week ago but still 3.7% below last Wednesday’s peak, according to Action Forex. The outlet said cryptocurrencies are pulling back after a sharp rally, but not as sharply as other asset classes like metals, and it suggested traders may see a technical retest of previous local highs in the $2.75T to $2.80T range.

Action Forex warned that only a sustained drop below the $2.75T to $2.80T area would be a clearer warning sign that a medium term peak may be forming. It added that while the past 24 hours have trended mostly downward, some coins have continued to rise, with The Graph up 18.1%, Immutable up 9.7%, and Hedera up 3.5%.

The outlet also cited larger declines among specific tokens, including Uniswap down 9.7%, Bitcoin Cash down 9.6%, and Dash down 6.9%. It said the sentiment index stood at 74 on Monday, remaining near the point where it could move into an ‘extreme greed’ zone, and noted Bitcoin has pulled back to $83K, testing the lower boundary of last week’s consolidation range.

Latest closeBitcoin $81,906.63 ▼1.4%

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