Bitcoin is holding around $7,200 as the first digital currency searches for direction.
The top 10 altcoins are holding above long-term technical support, closely tracking the price movements of Bitcoin.
Bitcoin SV is a notable outperformer among large capitalization coins, while Matic Network is leading in the top 100.
The Crypto Fear & Greed index, which analyzes the emotions and sentiment of market participants continues to show that traders remained extremely fearful heading into the weekend.
The total cryptocurrency market capitalization stabilized around $186 billion this morning, looking set to end the week unchanged.
Bitcoin could be on course to post a bullish weekly reversal candle if the BTC/USD pair can close the trading week around current levels.
Traders would also be encouraged if the BTC/USD pair closed the trading week back above its 52-week moving average. This would counteract last week, when Bitcoin suffered its weakest price close since May.
Various time frames show that a potential reversal pattern may be forming, which also indicates that a stronger recovery back towards $8,000 may be on the horizon if support around the $6,600 level continues to hold.
Total Market Cap
The value of the total market capitalization consolidated around the $186 billion level, as measured by TradingView.
Ideally, bulls need to see stabilization above $188 billion for further confirmation that a major technical bottom may be in place.
A weekly price close above the $188 billion level would help improve sentiment towards the market.
The lower time frames also depict a potential reversal pattern forming. A rally toward $207 billion would confirm the pattern, which holds an upside potential of around $40 billion.
According to the latest data from The TIE, sentiment toward the cryptocurrency market is neutral at 45 percent.
Bitcoin has the strongest sentiment among the top…