Bearish Pressure on Bitcoin Resumes

Bitcoin once again fell below $7,500

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The broader cryptocurrency market came back under downside pressure on Tuesday, as Bitcoin and other major cryptocurrencies gave back early week trading gains.

Matic Network is under heavy bearish pressure, following a flash crash late-Monday night. Matic had rallied by over 190 percent since November 22nd before the sudden reversal occurred.

Chainlink is the top performing cryptocurrency inside the top 100 by market capitalization, while Ravencoin, Vechain and MINDOL are among the weakest.

The total cryptocurrency market capitalization is $192 billion as measured by TradingView.

Matic Network

Matic Network has slipped back towards the worst levels of November, following a heavy rejection from the $0.043 level on Monday. Detailed analysis is available on Crypto Briefing.

The cryptocurrency had been building substantial amounts of bearish MACD price divergence during its recent triple-digit advance. The recent crash has completely eroded the bearish divergence.

The cryptocurrency could start to test back towards the $0.030 level before the next major move lower resumes. A recovery back above the November breakout area would be encouraging for MATIC/USD bulls.

Matic price chart
MATIC/USD Daily Chart by TradingView

Total Market Capitalization

The chart of the total market capitalization continues to have a strong correlation with Bitcoin. Yesterday, Bitcoin fell from the $7,500 level, dragging the total market capitalization with it.

The price is currently at a critical juncture and is testing around the recent breakout from the falling wedge pattern on the daily time frame.

The total cryptocurrency market capitalization is $192 billion, a loss of nearly 2.5 percent from the current weekly price high.

Cryptocurrency market
Crypto Total Market Cap Daily Chart by TradingView

Overall Sentiment

According to the latest data from The TIE, sentiment toward the cryptocurrency market is bullish at 60 percent.

Stellar Lumen has the strongest sentiment among the top 10 cryptocurrencies at 95 percent. Meanwhile, Binance Coin has the weakest at 40 percent.