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Bitcoin Consolidates as Matic’s Meteoric Rise Continues

Bitcoin continued to consolidate around the $7,300 level in early Tuesday trading, following the weekend’s pullback from $7,865. The broader cryptocurrency market is also trading sideways, struggling to find a directional bias.


Matic Network continues its recent breakout move to the upside as the token peaked at a 15 percent gain over yesterday.


The total cryptocurrency market capitalization is $193 billion, a loss of about 1.5 percent since the December monthly price open.


Bitcoin


For the first time since Nov. 26, Bitcoin closed the day below $7,300 on Monday. The critical break signals that bears are regaining their influence.


While downside momentum has subsided since Sunday, a breakout under the $7,200 level exposes the BTC/USD pair to a possible test of $6,850. A head and shoulders pattern is also looming over the lower time frames.


At this stage, a multi-day price close above the $7,300 level is needed to convince short-term buyers to reenter the market. Read More...

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