Bitcoin's sharp sell-off has BTC bears targeting the $26,000 level, and data suggests altcoins are prone to follow.
Daily cryptocurrency market performance. Source:While the cryptocurrency markets have turned soft in the near term, the United States equities markets remain on strong footing. The Dow Jones Industrial Average hasfor 10 straight days, its longest streak since 2017. However, things could change this week with a slew of key earnings reports and the Federal Reserve’s policy decision on July 26. The latter could also impact the U.S. Dollar Index , which is on a recovery path.
That will enhance the prospects of a break above 4,578. The index could then rally to 4,650 and eventually to 4,800. Instead, if the price breaks above the 20-day EMA, it will suggest that the bulls are back in the game. The index may then climb to the 50-day SMA and subsequently to the downtrend line.Bitcoin bulls again pushed the price above the 20-day EMA on July 23, but the long wick on the candlestick shows strong selling at higher levels.The selling intensified on July 24, and the price plunged below the strong support at $29,500 that had held for the past several days.
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