Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,599.90 (-2.02%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $212.04 (-1.10%), while XRP has dropped by 0.98% and is now trading at $0.203.
FxPro's team of analysts say:
"Bitcoin has once again found strong resistance at the $10,000 level, causing it to fall to $9,600. The reference crypto has lost more than 2% of its value over the past 24 hours while trading volumes have also fallen by 11%. All altcoins are following Bitcoin's trend. The greed and fear index is at '50', which corresponds to the 'neutral' state of the market. The RSI is also in 'neutral' territory. Bitcoin may start to form a lateral trend in the short term.
BTC's inability to grow above $10,000 may affect both Bitcoin and the rest of the market. An increase in general negative sentiment and a fall in prices would increase pressure on miners and hashrate, as after the reduction of the reward for mining a block, the computing power in the network remains on the verge of profitability. It looks like that at this stage, when complexity is near an all-time high, miners need a price significantly above $10,000. Will they manage to influence the value of Bitcoin under these new circumstances, when the market is saturated with large new participants? Judging by the withdrawal of Bitcoins from exchanges to cold wallets, this process may have already begun."
All currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $263,735,412,283.
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