Bitcoin has started the week with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,917.89 (-0.29%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $371.78 (-2.61%), while XRP has dropped by 1.36% and is now trading at $0.245.
FxPro's team of analysts say:
"Bitcoin has tried to exceed $11,000 on three occasions in the past week, and on all of them it has ended up suffering a moderate drop. Bitcoin is testing this level again today. The crypto has posted a nearly 6% increase in price over the past week. The resistance in the $11,200-$11,400 range has become a serious obstacle to the growth of the reference crypto. Bitcoin won't be able to go back above $12,000 if it doesn't manage to grow above these levels.
The inability to develop a growth trend may lead to a sell-off in which the price of the crypto could collapse to $10,000 or less. The recent decline to $9,000 may not have been deep enough to trigger buyers. The greed and fear index for Bitcoin and the larger cryptos is in the middle of the scale, with no clear signs of future movement. The RSI index for the BTC/USD pair reflects exactly the same perspectives.
A confident reversal in any direction in the traditional market could become a trigger for Bitcoin and other cryptos that follow the trends of this market."
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 $349,793,867,525.
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