Bitcoin has started the last day of the workweek posting losses. At press time, the largest cryptocurrency by market cap is trading at $58,292.27 (-0.43%), according to CoinMarketCap. The crypto has recently approached $60,000 again.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $1,807.86 (-0.66%), while XRP has dropped by 0.23% and is now trading at $0.473.
FxPro's team of analysts say:
"The bulls and bears have been playing a tug-of-war over the past 24 hours near a key level for the Bitcoin price. At the end of the workweek, the crypto has lost 1% of its value and is currently trading at around $58,000. The peak price level during the previous day was $59,900, but on the way to the round level, sellers have entered the scene and brought the price down below $57,000.
Many investors may look to $60,000 in the near term as a level at which to take profits. In general, such dynamic can be considered as quite healthy and positive for Bitcoin and the crypto market in general, as the struggle is taking place near the most important psychological and technical level, as well as near all-time highs. Special attention deserves the ability of Bitcoin to resist the massive sell-off of tech companies with which it previously moved in unison.
This is fundamentally different from late 2017, when there were only retail buyers in the market, who drove the BTC price to $20,000, and short selling by institutional investors instantly rejected the asset. If Bitcoin ends the week on a positive note, it is likely that retail investors will join the positive momentum this weekend, just as they did last weekend."
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 $1,792,407,372,092.
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