Crypto market erases weekly gains, Bitcoin and Ethereum post losses

Days after showing signs of recovery, it appears the bears have once again taken hold of the crypto market. Bitcoin and other top cryptocurrencies are currently posting losses, erasing the gains from a week ago.

As reported by BTC PEERS, Bitcoin recorded an impressive 23.55% increase in the week leading up to July 20. The price of the flagship cryptocurrency surged to around $23,800, levels last seen over a month ago. However, Bitcoin failed to break through this level and has declined below $21,500. As of press time, Bitcoin was trading at $21,081, down by over 4% in a day and 3% in a week.

On the downside, there is support at the $20,850 level. Further down, the next major support is around $20,500, below which the price of Bitcoin could fall to the $20,000 region. And on the upside, there is an immediate resistance near $21,500, with the next major resistance at $22,000.

Along with Bitcoin, other major altcoins have also recorded losses over the past week. Ethereum is currently trading below the $1,450 support level after breaking the $1,500 support zone last week. The second-largest cryptocurrency by market cap is down by over 7% in a day and 6.69% in a week. Its next major support is around $1,365, below which the digital asset could fall to $1,320. On the upside, there is a significant breakout resistance forming near $1,500.

Meanwhile, the “Crypto Fear and Greed Index” is currently sitting at 26, down from 30 yesterday.