Bitcoin has started the week with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $12,992.43 (-0.33%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $403.44 (-1.55%), while XRP has dropped by 0.35% and is now trading at $0.253.
FxPro's team of analysts say:
"Bulls and bears have spent the weekend fighting without either of them winning, leaving the price of Bitcoin at around $13,000. So, after a brief boost, Bitcoin is getting back on track. The fact the crypto has approached a major resistance area has prepared some market participants for a quick rally. However, if this doesn't happen, the price of Bitcoin could fall rapidly.
Over the last week, the Bitcoin dominance index has posted a 2% increase, indicating the participants' interest is focused on the reference crypto. For its part, the greed and fear index of Bitcoin and the most popular cryptos is in the 'extreme greed' area after adding 21 points to 76 last week. The higher the value of the index, the closer the start of a possible sell-off is.
The most important areas for investors to pay attention to are the levels between $13,600-14,000 on the upward path and $11,600-12,000 on the downward path. The imminent US elections, incentive decisions, as well as the reaction of the dollar to everything that is happening may determine the dynamic of the reference crypto in the medium term."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $394,138,893,627.
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