Bitcoin has started the day posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $10,177.05 (-0.79%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $339.56 (-1.97%), while XRP has dropped by 0.55% and is now trading at $0.238.
FxPro's team of analysts say:
"Since September 4, Bitcoin has been fluctuating around $10,000, struggling not to fall below this level. The trading volume of the crypto remains stable at $33B. The current sideways trend does not bode well either for Bitcoin or for the rest of the crypto market, since the crypto is not fighting for a new high, but for breaking the current trend and growing again. However, even if the situation deteriorates sharply and the crypto drops to $9,000, market participants do not believe this is a real catastrophe for Bitcoin since they still remember its recovery after the March crash.
From a technical point of view, the RSI for the BTC/USD pair reflects there is room for growth. Therefore, the deeper the possible drop, the greater the potential for asset buyback.
In addition, everyone remembers the halving as well as the continued need for large investors to find ways to diversify their portfolios. All these factors shall support Bitcoin if it eventually falls below $10,000. In addition, more and more investors want to buy the crypto at a discount. Even the most prominent opponents of the crypto admit the market often finds strength to recover from the most severe and prolonged depressions."
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 $326,550,159,692.
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