Market Wrap: Bitcoin, Ethereum, and Other Major Altcoins Are Pumping in Today's Session

The bears are still in control in today's session, as seen from the decrease in the global market cap.

The bears are still in control in today’s session, as evident from the decrease in the global market cap. The total cap stood at $2.12T as of press time, showcasing a 0.95% increase over the last 24 hours, while the trading volume dropped by 31% over the same period to stand at $65B as of press time.

Bitcoin Price Analysis

Bitcoin (BTC) is still keeping up its pump in today’s session, as evident from its price movements. Looking at an in-depth analysis, we see that the BTC price is currently trading near the upper Bollinger Band, indicating bullish momentum. The bands are slightly widening, suggesting increased volatility.

On the other hand, we see that the ADX (Average Directional Index) has a reading of 26.69, indicating that the trend is moderately strong. If the ADX increases, it would confirm a strengthening trend. The BTC price was at $61,150 as of press time, representing a 0.84% increase over the last 24 hours.

Bitcoin is trading in the green zone on the daily chart, and it seems to be preparing for another leg up. The bulls are defending the upper Bollinger Band, and the price is also trading above the 21-period moving average, which further adds to the bullish momentum.

However, we also see that the candles are forming small bodies, which indicates that the bulls and bears are still battling it out for control. If the bulls can manage to push the price up above the Bollinger Bands, we could see a strong bullish continuation in the upcoming sessions.

On the other hand, if the bears manage to drag the price down below the 21-period moving average, it could lead to a bearish reversal, and we might see the bears taking over the market once again.

Ethereum Price Analysis

Ethereum (ETH) is also pumping in today’s session, as evident from its price movements. Looking at an in-depth analysis, we see that the Alligator lines (Jaw, Teeth, and Lips) are slightly entangled, indicating a period of consolidation with a slight bullish bias as the lines start to spread out.

On the other hand, we see that the Woodies CCI (Commodity Channel Index): The CCI is in the overbought zone (above 100), suggesting that the asset is currently overextended and might face a pullback. Ethereum traded at $2,668 as of press time, showcasing a 1.38% increase over the last 24 hours.

Ethereum (ETH) is also displaying bullish price action on the daily chart, as we see that the price is currently trading within the Bollinger Bands and above the 21-period moving average. This indicates bullish momentum in the market.

However, we also see that the candles are forming small bodies, which indicates that the bulls and bears are still battling it out for control. If the bulls can manage to push the price up above the Bollinger Bands, we could see a strong bullish continuation in the upcoming sessions.

On the other hand, if the bears manage to drag the price down below the 21-period moving average, it could lead to a bearish reversal, and we might see the bears taking over the market once again.

Beam Price Analysis

Beam (BEAM) is also among the gainers in today’s session as evident from its price movements. Looking at an in-depth analysis, we see that the BeamX price is trading within the Ichimoku Cloud, indicating a neutral trend. However, it is approaching the upper edge of the cloud, which could act as resistance.

On the other hand, we see that the MFI (Money Flow Index) is at 73.11, which is close to the overbought territory (above 80), suggesting that a potential reversal could occur if the MFI continues to rise. Beam traded at $0.01472 as of press time, showcasing a 15.8% increase over the last 24 hours.

Beam (BEAM) is displaying bullish price action on the daily chart, as we see that the price is currently trading above the 21-period moving average and within the Bollinger Bands. This indicates bullish momentum in the market.

However, we also see that the candles are forming small bodies, which indicates that the bulls and bears are still battling it out for control. If the bulls can manage to push the price up above the Bollinger Bands, we could see a strong bullish continuation in the upcoming sessions.

On the other hand, if the bears manage to drag the price down below the 21-period moving average, it could lead to a bearish reversal, and we might see the bears taking over the market once again.

Akash Network Price Analysis

Akash Network (AKT) is also among the gainers

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