The recovery of the cryptocurrency market dries up and is reminiscent of 2018
The recovery of the cryptocurrency market dries up and is reminiscent of 2018
The crypto market capitalization has risen slightly by 0.7% in the past seven days and has shown a decline since mid-Thursday. The recovery at the cryptom market dried up after the collapse at the beginning of last week.
entire market capitalization of the cryptocurrency in the last 7 days The Greed and Fear Index of the cryptocurrency rose to 50 on Thursday after he had fallen to 48 at the time of writing. Since it is in the middle of the range, it does not spend overbought signals, which leaves space for a moderate decline below.
has not managed to rely on a level of over $ 48,000. The pressure on the price of the first cryptocurrency from the current level will confirm a downward trend, with strong sales, which are increasingly lower. In April these were values near $ 60,000. In May the speculators surrendered to the buyers and were unable to raise the price over $ 55,000. In September he did not even succeed in staying over $ 50,000 for a long time.
The short -term pressure is the quarterly decay of futures and options with the greatest concentration near $ 50,000, which the bears now vehemently defend.
Short -term traders should concentrate on the level of $ 45,000. A drop-under could trigger a capitulation at Bitcoin-a fire that could spread quickly over the entire cryptoma market.
The pressure on Bitcoin is not limited to technical or speculative factors. Warned El Salvador of "immediate negative effects on creditworthiness", which Bitcoin officially made a payment instrument next to the dollar last week. S&P said such measures could deprive the country of the IMF aid programs and increase susceptibility to its banking and tax system.
Such messages worsen the perception of cryptocurrencies at institutional investors who were the driving force behind Bitcoin this year.
Ethereum device under pressure after it over $ 3600. climbed for, the short-term turning point was the $ 3600 mark, the crossing of which the previously dominant sellers attracted and lowered the price to $ 3450. The attention here is worth paying attention to the $ 3000. A persistent decline in the top altcoin risk triggers a sale in the largest part of the cryptom market.
The failure of top coins below 45k for BTC and 3K for ETH will strengthen the current situation from 2018 than a failed attempt to rewrite historical highs, became a crypto winter that not all old coins survived. The most worrying is that this could prove to be cryptocurrencies that are driven by interest solely as self -fulfilling prophecy.
The FXPro analyst team