Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $9,140.94 (+0.34%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $227.85 (+1.63%), while XRP has jumped by 0.57% and is now trading at $0.178.
FxPro's team of analysts say:
"Bulls do not seem to be in a hurry to rescue Bitcoin, which has made the reference crypto fall to $9,000. There is no obvious momentum from either side, however, the crypto is much closer to $9,000 than $10,000, which could be considered bad news.
The current fluctuations are occurring near the 50-day simple moving average, which has previously acted as a major trend indicator. A fall below this level could be considered as a sign of rejection in the coming weeks.
The situation probably will not benefit bulls, which could lead to a significant drop in prices.
It should be noted Bitcoin has not reacted to rumors that PayPal's payment service may add the possibility of buying and selling cryptos. It looks like institutional investors do not believe in this scenario, while they are providing the largest inflow of liquidity to Bitcoin.
The news that Grayscale has increased to 400,000 BTCs the amount of cryptos it owns is not helping bulls, as the company is buying more currencies than miners are mining after the halving."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $260,357,170,590.
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