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Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $38,627.14 (-3.77%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $2,497.42 (-4.71%), while Tether has dropped by 0.02% and is now trading at $1.

FxPro's team of analysts say:

"Bitcoin has lost 3% of its value over the past 24 hours and is currently trading at $38,500. The currency continues to experience downward pressure from investors who are withdrawing their profits. The crypto's falling price coincides with low trading volumes. Bitcoin has missed the opportunity for further upside, and now the bearish are trying to seize the initiative, which could push the price down to $35,000. A drop below $38,000 could trigger this scenario.

We can say that summer calm reigns in the cryptocurrency market, but there is no doubt Bitcoin owners are watching what is happening and, as the fall approaches, price dynamics could increase more and more.

The greed and fear index for BTC and the largest cryptos is in neutral mode, which reflects the real situation in the cryptocurrency market, where bulls and bears show no particular aspirations to the development of price dynamics.

The RSI index for the BTC/USD pair exceeded the overbought level during the last episode of price growth, and now it also perfectly reflects what is happening in the market, falling to 56.

As far as the traditional economy is concerned, money printing in the US and the promise of new incentives support the idea of a surplus dollar money supply that will depreciate and maintain the value of Bitcoin, whose issuance is limited."

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 $1,566,062,507,160.

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