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Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $58,935.19 (-2.2%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $4,020.11 (-3.91%), while Binance Coin has dropped by 4.79% and is now trading at $455.23.

FxPro's team of analysts say:

"Bitcoin has entered a correction phase, dragging the rest of the crypto market down with it. Over the past day, the benchmark cryptocurrency has lost 3% and is trading at around $59,000. On the one hand, an important resistance level has been broken. On the other hand, this has not led to a flood of open sell positions, otherwise the consequences for the price of the currency would have been much worse. The low point has been $58,300, from where the currency has started to receive support.

From the negative point of view, it must be noted that the fall has coincided with an increase in trading volumes, however, after reaching a local low, trading volumes did not fall, which may indicate that discount hunters entered the scene.

It has also become known that financial firm Direxion has filed an application with the SEC to launch an inverse futures Bitcoin ETF, which will allow investors to invest short in the reference crypto. While this is just a prospect, it is clear that the regulator will create a balance in the market, allowing various instruments to exist.

The RSI for the BTC/USD pair on the daily chart continues to decrease away from the overbought area, which confirms the expansion of the probable bullish space in case of a price trend reversal. The greed and fear index for Bitcoin and the largest cryptos also continues to decline, which perfectly reflects what is happening in the cryptocurrency market.

Now Bitcoin is going through a major inflection point, and even a sideways price trend could be welcomed by all market participants, as it will be perceived as a period of building up strength for a new jump."

According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,503,203,147,341.

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