Bitcoin (BTC) and Altcoin Market See Red as Cryptocurrency Market Signals a Bearish Week

With Bitcoin's abrupt decline signaling a bearish week for the cryptocurrency market, a summary identifies the biggest winners and losers.

Bitcoin's price has experienced a slight decrease over the last 24 hours, yet it is still trading above the crucial support level of $95,000. After dropping 1.18% on Sunday, Bitcoin is having trouble maintaining its position at this critical level.

A small price movement of 0.02% at the 24-hour high and a wide price range create a Doji Candle. At crucial price points, Doji Candles typically serve as a trend-reversal signal. Therefore, a bullish turnaround could be the outcome of the intraday price trend uncertainty with the Doji candle.

Moreover, the likelihood of a bullish recovery is increased when the RSI line turns sideways after breaking the 50% line. In addition to brownie points, the 50-day EMA's recent lower price rejection indicates that Bitcoin has strong support at lower levels.

Therefore, the likelihood of a morning start pattern leading to a new bullish turnaround will rise dramatically if the price of Bitcoin is able to maintain dominance above this level for the remainder of the day.

Bitcoin price analysis: Key levels to watch out for this week

After experiencing a bullish breakout from the $87,000 resistance level last week, the price of Bitcoin (BTC) is now trading above the crucial psychological mark of $95,000. After rising to an intraday high of $96,376, BTC is now experiencing difficulties maintaining support at this critical level.

Following a bearish weekend that saw ETH drop nearly 6%, the price of Ethereum (ETH) is now hovering above the $3,000 mark with support from the 100-day EMA line at $3,341. A Doji Candle and Morningstar possibilities are present before the RSI line flattens out prior to reaching the oversold boundary line.

After Donald Trump's election victory caused Ethereum to begin trending upward, Justin Sun has been aggressively selling his holdings of the cryptocurrency.

As per blockchain analytics company Spot On Chain, the Tron founder sold 39,999 ETH, valued at $143 million, last week as the market experienced a sell-off that caused the coin to lose 15% of its value.

Sun withdrew the entire amount from Lido Finance and EtherFi before redeeming it and depositing HTX. Since November 10, Sun has deposited 108,919 ETH (about $400 million) into HTX, mostly around regional price peaks.

The altcoin market, excluding Bitcoin and Ethereum, is still fighting for supremacy and maintaining its position above critical levels. With Bitcoin and Ethereum excluded, the total market capitalization of cryptocurrencies is currently $917.26 billion.

While forming a doji, the altcoin market cap is having difficulty staying above the 50-day EMA line, suggesting a similar chance for a turnaround.