Bitcoin has started the last day of the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $57,304.86 (-3.84%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $4,162.72 (-1.87%), while Binance Coin has dropped by 1.93% and is now trading at $561.13.
FxPro's team of analysts say:
"Fear has hit the crypto market. A 4.5% drop in its capitalization over the past day and a 16% drop from the previous week's peak has reduced the fear and greed index to 34 points (-20 points per day and -40 per week).
Bitcoin has broken the first line of defense, moving sharply below the 50-day moving average at $59,400, and continuing its decline on Friday morning. Moreover, a drop below the 61.8% retracement level of the upside momentum since late September sets up for a deeper pullback. Bearish traders may try to push the crypto price down to $48,000, although there are still a number of significant stops along the way.
Interestingly, the ETH/USD pair continues to find demand on dips towards $4,000. In the young crypto market, round levels are often pivot points for a reversal or move. And now in the ETH/USD pair, the Fibonacci retracement level and the 50-day moving average are also concentrated in the same area. Unlike Bitcoin, Ether continues to receive support for them. What if Ether has assumed the role of a guiding star in the cryptocurrency market?"
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 $2,532,502,965,699.
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