{"id":23095,"date":"2022-08-30T10:00:07","date_gmt":"2022-08-30T04:30:07","guid":{"rendered":"https:\/\/coinswitch.co\/switch\/?p=23095"},"modified":"2022-09-19T18:28:21","modified_gmt":"2022-09-19T12:58:21","slug":"market-update-august-30-2022","status":"publish","type":"post","link":"https:\/\/coinswitch.co\/switch\/crypto\/market-update-august-30-2022\/","title":{"rendered":"Crypto market update: 30 August 2022"},"content":{"rendered":"

The week seems to have begun on a positive note for the crypto market, with Bitcoin and Ethereum leading the way. Shrugging off rate hike concerns, Bitcoin and Ethereum are trading above the psychologically important $20,000 and $1,500 levels, respectively. The total market cap is currently at $978 billion.<\/p>\n

Investors continued buying the dip, so it appears that Nasdaq failed to reverse the crypto market\u2019s prevailing trend yesterday.<\/p>\n

As per Chainalysis\u2019<\/a> on-chain data, BTC inflows to exchanges are decreasing and are below the 180-day average. That might seem like a positive sign for the market, but the inflow rate needs to be closely monitored before coming to any concrete conclusions.<\/p>\n

The Fear and Greed Index, too, is doing better. It left the extreme fear zone during yesterday\u2019s session and is currently up by 3 points, at the 27\/100 level.<\/p>\n

Key coins<\/strong><\/p>\n

Yesterday, Bitcoin managed to bounce back to the $20,000 level after testing for support at $19,500. The jump helped boost investor confidence. The 4-hour chart shows that the $20,300 level is offering resistance, but the $20,064 level is expected to provide strong support in case of any sell-offs. If Bitcoin manages to break above the $20,300 level during today\u2019s session, it can bring some strength back into the market.<\/p>\n

\"crypto<\/p>\n

Ethereum single-handedly manages to reverse the weak market sentiment during yesterday\u2019s session, bouncing back higher after touching a low of $1,442 level. In the last 24 hours, ETH has gained over 6%. It is trying to break above the $1,557 level.<\/p>\n

As the Merge date approaches us, volatility and trading activity on the counter is also peaking, creating trading opportunities. If ETH does succeed in breaking above the $1,557 level, the next major resistance levels will be at $1,620 and $1,680.<\/p>\n

\"crypto<\/p>\n

Top gainers in the last 24 hours<\/strong><\/p>\n