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Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $59,686.53 (-2.14%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $4,199.63 (-2.78%), while Binance Coin has dropped by 7.62% and is now trading at $567.91.

FxPro's team of analysts say:

"Bitcoin has lost 1.9% over the past 24 hours and 10.7% over the past week, currently trading at $59,600. Amid a selloff yesterday and this morning again, it has found support on the way down to $58,600, near its 50-day moving average and close to the inflection point of the late October correction.

Yesterday, the bulls were strong enough to hold significant levels, however, a retest of the local lows does not allow us to rule out the idea the flood of sellers could still break the back of the bull market.

The benchmarks for market sentiment remain the same: the consolidation of the BTC/USD pair at the end of the day or week below $57,500 will be a significant signal of the break of the latest uptrend. If Bitcoin continues to meet strong buyer demand on dips to $59,000, it will attract a wider range of buyers.

Meanwhile, we see cautious growth in many currencies, although overall, the crypto market capitalization has declined 11% over the past seven days, allowing BTC to increase its market share from 43.4% to 43.6% over the same period.

The greed and fear index has fallen 19 points to 52, entering neutral territory. Probably, by the end of the week it will be possible to conclude what we saw yesterday and this morning: the reloading of the bulls or the beginning of a long and deep correction."

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 $2,593,753,683,140.

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