From a long-term technical perspective, not much has changed in the cryptocurrency segment in the past few weeks, with only Bitcoin’s rally providing bulls something to cheer about. The bearish trend that has been dominant for months is still intact in most cases, and despite the several rally attempts, sellers always returned strong, pushing the major coins back towards the key support levels that have been tested in recent months.
The total value of the market has been stuck below $300 billion, with the exception of a few brief spikes, while capital flows were negative almost all year. In spite of the clear segment-wide selling pressure, the most important coins are still holding up above key support, and BTC’s current relative strength is a possible game-changer for the coming weeks.
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