Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $60,982.83 (-6.9%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $4,321.33 (-8.37%), while Binance Coin has dropped by 4.75% and is now trading at $615.44.
FxPro's team of analysts say:
"Cryptocurrencies are being heavily sold. The appreciation of the dollar against major currencies as well as the momentum of profit-taking triggered a sharp, but relatively uniform, mass sell-off last night. The cryptocurrency market capitalization has fallen 7.5% over the past 24 hours to $2.66 billion, interrupting a long consolidation.
Bitcoin has lost 7.98% to $60,560 and is 11% below week-ago levels. The crypto has pulled back to the previous local support line, and the price should be closely monitored to understand whether we are suffering a reversal or a short-term position reshuffle. The $57,500-60,000 area is the focus of the 50-day moving average and the 61.8% corrective level of growth since late September. If BTC does not receive solid support from consumers in this area, the $52,000 route could eventually open up.
Meanwhile, Ether has fallen 8.4% to $4,300, taking its losses over the past 7 days to 10.5%. At this stage, the current pullback could be seen as a correction of the rally from the September lows with the first support zone at current levels. A deeper retracement target is seen at the $4,000 level. Besides being a psychologically significant round number, it is also the area of the September highs, 61.8% of the rally and the 50-day moving average passes immediately. A drop below will mean a deeper and more prolonged correction, where it is best not to rush to buy."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,006,232,671,888.
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