Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,525.93 (-5.81%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $236.96 (-4.34%), while XRP has dropped by 3.88% and is now trading at $0.203.
FxPro's team of analysts say:
"The events in the crypto market are very ephemeral. It appears the recent rally above the $10,000 barrier was just pure speculation. Investors, realizing the cryptocurrency had found strong resistance around $10,100, have started to withdraw their profits, making Bitcoin lose 6% of its value and drop to $9,500, the level it was at before this recent surge. Trading volumes have also lost $10B.
The greed and fear index has worked well here, moving into 'greed' mode yesterday, which, according to the indicator's fundamentals, indicates a selling trend. The index has now lost 8 points and is back in the 'neutral' area. The RSI remains in this position. The $9,500 level is considered to be a neutral level for the reference crypto from which movements in either direction can occur.
The rest of the cryptocurrency market is following the Bitcoin trend. It looks like investors are withdrawing their profits immediately after encountering strong resistance."
According to CoinMarketCap’s ranking, 10 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $269,567,378,699.
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