Crypto Market Pulls Back, Eyes on $2.75T Technical Retest
The crypto market's recent pullback has not yet reached the sharpness seen in metals and bonds. Despite this, a technical retest of the previous local highs in the $2.75T, $2.80T range is expected.
Some coins continue to rise, with The Graph (+18.1%), Immutable (+9.7%), and Hedera (+3.5%) being the top gainers over the past 24 hours.
The sentiment index stands at 74, nearing the 'extreme greed' zone, which is a resilient sign against the backdrop of a price pullback.
Bitcoin has pulled back to $83K, testing the lower boundary of last week's consolidation range. A retest of the $82K region is expected, where peaks were formed in May and early September.
A sustained return to prices below $80K would be a significant signal that the market is not ready to move higher for some time yet.