What happened to Crypto Overnight? – 23 August

Briefly –

• BTC closed another bullish weekly candle.
• Telcoin (TEL) surges over 24% in a day.
• PayPal allows Britain users to access cryptocurrency services.
• Let’s dig into what happened in the crypto market while you were deep asleep.

Bitcoin Update

As much as the crypto community might rejoice about BTC’s jump to $50,000, the leading coin still prints mixed gestures.

On a bearish note, the asset broke beneath an ascending support line recently. Bitcoin might validate this level as its resistance if the next session lacks momentum to trigger upsurges.

Meanwhile, the stochastic oscillator made a bear cross. Also, the super-trend has maintained bearishness since the 19 May crash. For now, the asset has a downtrend of around $54,000. Furthermore, the volume remains low compared to what BTC had before the May market crash.

Meanwhile, a sustainable bullish reversal will see the leading cryptocurrency registering increase volumes, either higher than what it had before the crash or near it.

The encouraging thing is that the MACD stays over zero (0), indicating a bullish reversal gesture. Moreover, the Relative Strength Index fluctuated to over 50-level.

Therefore, as the market depicts both bearish and bullish signals, the weekly chart favors bears.

Altcoin Movers

The overall crypto market capitalization surged to $2.23 trillion early today, settling at a 3-month high. With that, it remains 14% lower than the ATH at $2.55 trillion. The previous lucrative sessions had BTC and ETH gaining over 2.2%. As the two leaders surged, most top coins followed with impressive gains.

Today’s sessions have most alternative cryptos adding over 10%. Telcoin (TEL) led the pack. TEL managed to surge 24% in one day and 40% over a week. However, Telcoin remains 50% down from its ATH at $0.06 in May.

On the other hand, Solana (SOL) led the losers today. The altcoin has lost 4% since yesterday. Keep in mind that SOL traded in its ATH at around $78.45 on 21 August. SOL remains 40% high since last week.

In other news, PayPal has allowed its UK customers to buy, sell and hold digital coins. That comes as most individuals show increased crypto interest.

Subscribe for what the market will have in the coming sessions.