Bitcoin has started the last day of the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $39,652.11 (-2.31%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,694.48 (-2.08%), while Binance Coin has risen by 1.2% and is now trading at $382.83.
FxPro's team of analysts say:
"Bitcoin is trading at around $40,000, holding at yesterday's levels and experiencing a 20% drop over the past 7 days. The stabilization of the reference crypto after the recent plunge is acting as a sedative, pushing back interest in altcoins.
The RSI and the greed and fear index are at very low levels, indicating oversold conditions. From a technical point of view, Bitcoin's stabilization after a fall can act as a significant signal for short-term buying in the expectation of a rebound.
At the same time, we should remember the lessons of history, which show that after such rapid crashes in Bitcoin as those of 2014 and 2018, the price of the crypto failed to fully recover for a long time, and the tendency to buy on recessions was replaced by selling on growth."
According to CoinMarketCap’s ranking, 3 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,752,772,062,584.
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