Bitcoin has started the new workweek with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $36,780.59 (+1.21%), according to CoinMarketCap. The cryptocurrency fell as low as $30,000 over the weekend.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,290.68 (+5.05%), while Tether has increased by 0.09% and is now trading at $1.
FxPro's team of analysts say:
"Over the weekend, Bitcoin has experienced a new wave of pressure that has resulted in the coin falling to $30,000. With the start of trading on Monday, buyers have moved back to the forefront, which has helped push the price of the crypto up to $35,000. This is an important area, as it represents the lows of the correction since January and the 200-day simple moving average.
Short-term sentiment indicators point to extreme oversold conditions. The fear and greed index stands at 10: extreme fear. Meanwhile, the RSI at 26, below the oversold signal line at 30 and at its lowest level since March 2020. Oversold is a good reason for a rally. However, for traders and investors, it is often most optimal to buy not when the crypto is at the bottom, but at the beginning of a new strong move.
So far, due to all the pressure coming from China (restrictions on mining and crypto transfers), we see more reasons to sell, leaving only true crypto enthusiasts in the market, while more aggressive speculators have been left behind after the recent moves."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,501,475,108,483.
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