Bitcoin has started the week posting losses. At press time, the largest cryptocurrency by market cap is trading at $8,796.36 (-4.94%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $202.44 (-3.63%), while XRP has dropped by 2.88% and is now trading at $0.194.
FxPro's team of analysts say:
"A new secondary trend close to $9,000 has ended up on sale. The reference cryptocurrency is currently trading at around $8,800 after losing 5% of its value or $440. The decline began on Sunday night, so it's still too early to know what will happen. Over the past week, Bitcoin has lost almost 11%, leading the fall of all currencies on the top 10.
The pressure on Bitcoin has intensified as its price approached $10,000. Formally, this may be a sign that there is still a long term downward trend, passing through the peaks of 2017, 2019 and early 2020. Bulls are currently hoping the crypto will find greater support in the $8,400-8,500 area, where the 200-day moving average is located. If it fails to find support there, its price could rapidly drop to $7,500 (the 50-day average) or to $7,000 (a psychologically important level).
On the other hand, the stronger and more 'bloody' the sale on the crypto market is, the more it will attract investors who want to buy it with discount."
It is worth mentioning that since June 2019, Bitcoin has recorded six consecutive lower peaks. The crypto reached $14,000, $13,300, $12,300, $10,600, $10,500 and $10,000, making each peak lower than the previous one.
From a technical analysis point of view, lower highs suggest that buyers are failing to establish a new bullish cycle. Every time a lower peak is reached, this shows the selling pressure in the market is simply too strong to break out of it.
According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $246,657,511,188.
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