Crypto prices in general, and Bitcoin price in particular, have remarkably recovered from their weekend lows. After experiencing a major capitulation on Saturday, most altcoins like CORE, BEAM, RNDR and AVAX are trading 20%-50% above their recent lows on Monday. However, the market structure of many coins has flipped bearish, with the potential for more downsides in the coming days.
The ongoing geopolitical tensions are weighing in on the global financial markets. After a sharp decline in the equities on Friday, the crypto markets suffered a major correction on Saturday. Iran's strikes on Israel triggered a wave of panic among the crypto investors, which sent most altcoins to their fresh monthly lows.
The Total3 market capitalization dipped to $563 billion as the altcoins plunged to very low valuations on the weekend. However, the bullish news of spot BTC and ETH ETF approval in Hong Kong improved the market sentiment. As a result, Total3 has once again exceeded $659 billion.
Multiple asset managers have announced that they have received regulatory approval to list their spot as Bitcoin and Ethereum ETFs in Hong Kong. However, the Securities and Futures Commission of Hong Kong has yet to formally announce the approval.
Among the top 100 cryptocurrencies by market cap, CORE is leading with a 43% gain on Monday. The positive price action comes after a brutal collapse in CORE price. The sell-off occurred after an intense rejection from the $3.6 resistance level earlier this month, as shown in the chart below. There's a strong chance that the ongoing bounce turns out to be just a dead cat bounce.
Another digital asset that has performed very well in the last 24 hours is RNDR. The native asset of the Render ecosystem is trading in the green after briefly dropping below its $$7.93 support. According to technical analysis, the next major resistance lies at $10.58.
BEAM/USD is up 52% from its recent lows. The strong rebound comes after a retest of the upward trendline over the weekend. Currently, the BEAM price is attempting to reclaim the previous support of $0.03, which may now act as a resistance. A rejection from this level would be catastrophic for altcoin.
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