Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $57,588.93 (+5.12%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether is up to $3,632.75 (+5.62%), while Binance Coin has increased by 7.47% and is now trading at $475.94.
FxPro's team of analysts say:
"Bitcoin has added more than 4% over the last 24 hours and is trading at around $58,000, getting closer and closer to the next technical and psychological level. The recent bearish attempt to drag the currency into correction mode has been unsuccessful, and the asset has not only made up for the losses, but has also been able to post fairly safe growth.
As the end of the workweek approaches, retail and institutional investors will closely monitor fundamental developments in the crypto market, but at this stage it is clear that the buying potential is far from exhausted and market participants still believe in the possibility of continued growth in Bitcoin. The resistance level at $60,000 is likely to be a fairly serious test for the bulls.
However, it is clear there is now much more money in the world than successful investment destinations. Although BTC is very volatile, it still shows strong long-term growth, which continues to attract investors who open positions with no short-term intentions.
As far as technical indicators are concerned, the RSI index for the BTC/USD pair causes some concern, which on the daily chart is very close to the overbought level at 70, which could well trigger a corrective wave."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,378,006,704,535.
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