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 $56,594.65 (-0.75%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $4,561.07 (-0.7%), while Binance Coin has dropped by 0.58% and is now trading at $619.32.
FxPro's team of analysts say:
"For the third day in a row, Bitcoin is holding around $56,900 with a slight downward bias. It is already difficult to talk about the pressure of traditional financial markets, as they are seeing a certain rally.
This time, the stability of the BTC dynamic is not a balance between a fierce tug-of-war and a spring without compression. Rather, we are witnessing an orderly sell-off in attempts to the upside, with BTC sellers reversing the price from lower and lower levels.
The fear and greed index has lost one more point, falling to 31. However, its readings can be considered somewhat late, as the largest cryptos are posting slight rises. Over the past day, the total capitalization of the crypto market has grown by 0.85% to $2.62 trillion.
During the week, market sentiments have changed with a sharp drop at the start, recovery and local renewal of highs, but on Thursday it was already noticeable how enthusiastic buying was clashing with sellers' pressure.
It seems short-term retail investors are looking to capitalize on the gains from a very successful year. At the same time, it is not fair to talk about a fundamental collapse of the uptrend."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,612,312,624,030.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.