Bitcoin, Ethereum, Dogecoin Keep Head Above Water: Why Crypto Could Face More Pain From Stocks In Week Ahead

Zinger Key Points
  • Bitcoin, Ethereum, Dogecoin rise over the weekend
  • Strong correlation between stocks and equities could dominate price action in fresh trading week
  • The $30,200 level is acting as a resistance for the apex coin - crypto trader Michaël van de Poppe

Bitcoin and Ethereum traded just a little above key psychological levels on Sunday evening, as the global cryptocurrency market cap rose 3% to $1.3 trillion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 2.7% -2.65% $30,247.14
Ethereum ETH/USD 3.2% -4% $2,040.33
Dogecoin DOGE/USD 1.7% 5.95% $0.09
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
IoTeX (IOTX) +17.5% $0.044
TerraUSD (UST) +14.5% $0.065
Convex Finance (CVX) +11.3% ​​$10.64

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Why It Matters: The weekend saw the two largest cryptocurrencies by market capitalization post marginal gains, but Bitcoin and Ethereum are still struggling near the $30,000 and 2,000 levels, respectively.

Cryptocurrencies continue to track stock markets, particularly the S&P 500, which slipped into bear territory on Friday. At press time, futures in the S&P 500 and Nasdaq were up 1% and 1.25%, respectively.

Investors will keep an eye out for a slew of earnings from the retail sector in the week ahead, following lackluster results from Target Corp TGT last week.

Investors can expect some choppiness flowing into the cryptocurrency side due to volatility in equities.

“The S&P 500 has lost over 20% of its value from the January high, and it seems that technical selling will only accelerate,” said Edward Moya, a senior market analyst with OANDA.

“Bitcoin remains a risky asset and headed lower after the S&P 500 fell into bear market territory,” wrote Moya in a note, seen by Benzinga.

Glassnode co-founders Yann & Jann tweeted that Bitcoin is trading like the “most sensitive” S&P500 sectors. They noted that the S&P 500 and Nasdaq could be heading into an eighth straight weekly loss.

Cryptocurrency investor sentiment remains bleak as’s “Crypto Fear & Greed Index” flashed “Extreme Fear” at press time. Last week, the index indicated “Extreme Fear” as well.

Cryptocurrency trader Michaël van de Poppe noted Bitcoin’s price action over the weekend and said the apex coin had a “great breakout” at the $29,300 area, which led to a run towards $30,200, which acted as a resistance. He expects “consolidation now.”

Separately, Van de Poppe said on Twitter that the “Coming week will be massive.”


Posted In: CryptocurrencyNewsTop StoriesMarketsMoversTrading IdeasBitcoindogecoinEthereum