Bitcoin and the major altcoins have bounced off their immediate support levels, paving the way for a possible relief rally in the short term.
Brad Garlinghouse, the CEO of cross-border payments company Ripple, spoke during a panel discussion at the WEF 2022.
BTC and altcoins produced the occasional relief rally, but technical analysis suggests that the prevailing trend will remain bearish for some time to come.
Ailing stock markets continue to impact crypto prices and technical analysis suggests BTC is at risk of falling below its recent $25,500 low.
BTC and most altcoins are facing strong selling at the top of each rally, but the short-term downside could be limited since Bitcoin bulls keep buying each dip.
Traders are hopeful that Bitcoin can stage a relief rally within the $30,000 to $35,000 range, but selling at resistance could still keep BTC and altcoins in a strong bear trend.
The implosion of the Terra ecosystem appears to be manifesting contagion that is negatively impacting Bitcoin and altcoins.
BTC and many altcoins are fast approaching the “capitulation phase”, which is typically followed by the market finding a bottom.
The development marks the first time XRP digital currency will be used on a cross-border Japanese e-commerce site.
Bitcoin and most altcoins could remain volatile in the short-term due to the Fed’s decision, warranting caution from traders.