Bitcoin has started the week with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $57,621.81 (-2.57%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $4,212.58 (-3.62%), while Binance Coin has dropped by 2.75% and is now trading at $571.75.
FxPro's team of analysts say:
"The weekend has failed to break the overall trend for Bitcoin. Since the start of the day, the crypto has lost about 3% after retreating to $57,200. The total crypto market capitalization has declined by 2.8% over the past day to $2.57 trillion, according to CoinMarketCap estimates.
Thanks to the neutral dynamics recorded over the weekend, the greed and fear index has stabilized exactly in the middle of the range at around 50. Of note among the majors is AVAX, which has added 37% over the past seven days and is struggling to stay in growth territory amid the overall pullback in cryptos.
The technical picture for BTC is on the bearish side. After a technical bounce on Friday, the crypto ran into strong resistance over the weekend in the form of a 50-day moving average and a 76.4% retracement level from the rally seen between September and November. The strengthening sell-off from this level indicates a short-term trend reversal and a mood for a deeper and more prolonged correction.
The first sign of a bear market will be a drop in capitalization below $2.38 trillion, 8% below current levels. Breaking beyond these levels may become a signal for a further decline of up to 20-30%."
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 $2,578,284,515,783.
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