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Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $5,001.76 (-5.49%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $111,5 (-10.09%), while XRP has dropped by 5.79% and is now trading at $0.142.

FxPro's team of analysts say:

"Bitcoin is being unable to break the current bullish trend in spite of its many attempts to regain growth. This is a really negative signal for the crypto market in general and for Bitcoin in particular. The tug-of-war of the last 24 hours between bears and bulls, in which bears are clearly taking advantage, suggests the push for digital currencies has not fulfilled its potential. If the collapse of the crypto experienced at the end of last week could be associated with some factors, being one of the most important the massive liquidation of positions, then Bitcoin's inability to exceed $5,000 clearly shows the market situation is indeed negative.

Over the past 24 hours, Bitcoin has twice tried to break the $5,000 barrier, first growing to $5,550 and then to $5,800. However, on both times bears have stopped growth. If the crypto ends up falling below the $5,000 mark, this could lead to another sell-off. Bitcoin is no longer considered a defensive asset, and it is now becoming increasingly clear the situation in traditional markets must improve before Bitcoin can grow again."

According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $142,030,176,531.

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