Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $46,928.31 (-2.7%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,101.91 (-2.77%), while Cardano has slid 6.14% and is now trading at $2.58.
FxPro's team of analysts say:
"The bulls and bears are playing a tug of war. Bitcoin has reached as high as $49,000 overnight, however, the sell-off has started at this level. During the morning, BTC has fallen below $47,000. Overall, the current price dynamic cannot be considered alarming, as a result, in a broader perspective, we still see growth. Moreover, a decline to $44,000 is within the range of acceptable expectations for technical analysis.
On the way up, the $51,000 level will become a serious resistance level, although at this stage we see that the threshold value is still difficult for the bulls. An alarming sign could be unchanged trading volumes, both rising and falling.
There are very likely to be few large active participants in the market, making it vulnerable to manipulation, as well as overreaction to good or bad news in the background. The greed and fear index remains in 'greed' mode.
Summer is coming to an end, as is vacation time for many large investors. It is very likely that from early autumn onwards, price dynamic will start to show new momentum, supported by more substantial trading volumes."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,645,628,602,069.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.