Bitcoin has started the day registering minor loses. At press time, the largest cryptocurrency by market cap is trading at $17,517.02 (-1.57%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $470.26 (-0.63%), while XRP has dropped by 1.92% and is now trading at $0.286.
FxPro's team of analysts say:
"While the bulls and bears have been struggling all day to get Bitcoin to their ground, forces have been equalized, resulting in the crypto trading at around $17,700, losing the growth momentum on its way to $18,500. However, during the last week, the benchmark crypto has increased by more than 14%.
So far, correction waves are attracting demand from buyers willing to open positions with a discount, however, the number of such investors will decrease over time.
The greed and fear index for Bitcoin and the largest cryptos has added another 3 points to reach 94 during the last day, placing the indicator in the 'extreme greed' area. The RSI for the BTC/USD pair is also in the overbought area with 81 points, which is quite consistent with the previous indicator. The current position of the RSI is similar to the June 2019 levels, when the market was at the peak of a bullish cycle. As a result, technical indicators suggest we are getting closer to a correction."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $492,593,387,152.
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