Bitcoin has started the workweek in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $57,299.38 (+5.33%), according to CoinMarketCap.
Last Friday, Bitcoin fell sharply below $55,000 dragged down by the news about the appearance of a new strain of the COVID-19 virus. Bitcoin has spent the weekend in red territory, however, it has started to recover during Monday morning.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $4,321.54 (+6.43%), while Binance Coin has increased by 4.08% and is now trading at $612.48.
FxPro's team of analysts say:
"The crypto market fell significantly on Friday, but generally did not drop below key support levels, from which buying resumed over the weekend and into Monday morning. The BTC/USD pair has risen 5.6% over the past 24 hours to $57,400, putting it at virtually the same levels as seven days ago.
The greed and fear index remains in fear territory at 33 points. However, this is merely the tail end of Friday's selloff and sentiment has improved significantly at this point.
Bitcoin plunged into the $54,000 area on Friday, recovering as much as 61.8% from the July-November rally. Such a pullback, if it actually ends, could clear the way for growth to new highs, as bulls have had the opportunity to take profits and re-enter the market to the 'downside.'
On the other hand, the BTC/ USD pair remains below its 50-day moving average, which has acted as resistance for the past ten days. It now passes through levels near the $60,000 level, which increases the importance of the level. In the event of a breakthrough of this mark, BTC could fly to new highs by inertia.
If this breakthrough fails, we could say the uptrend in the crypto market has broken, as there are too many sellers."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,573,596,847,820.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.