Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $35,252.62 (+0.55%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,163.98 (+1.09%), while Tether has remained unchanged at $1.
FxPro's team of analysts say:
"Bitcoin has reached a high of $36,500 over the past day, and at some points market participants believed the cryptocurrency might try to break above the psychological and technical round level of $40,000. However, the bears entered the scene again, and are currently pushing the cryptocurrency below $35,000. Other major altcoins are also showing moderately negative price action, awaiting further triggers.
The Bitcoin dominance index has increased to 46.2%, indicating another growth cycle in the reference cryptocurrency's market-wide influence. For most fans of technical analysis, the next most important level to watch is the 50-day moving average, which currently stands at $38,221. A break of this level could open a direct path to $40,000.
On the other hand, the lows around $30,000 have been retested recently and the market has shown it still has a reserve of bullish strength to buy in the face of local downturns. This is a positive sign for the market, as the trough that triggers buyers is now at a fairly high level. It is likely that in the near future the market will fall into a sideways trend in anticipation of further triggers, especially now that everyone is interested in the Fed's stance on stimulus policy which will determine the future of Bitcoin."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,428,052,942,802.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.