Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $42,786.1 (-0.96%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,267.1 (-1.92%), while Binance Coin has dropped by 2.38% and is now trading at $484.23.
FxPro's team of analysts say:
"The crypto fear and greed index has hovered between 21 and 23 points over the past seven days in strong fear territory, staying in the middle of this range on Monday morning.
At the same time, the value of all coins tracked by CoinMarketCap has declined 0.5% over the past day to $2.05 billion. Overall, there is also a sideways range here, $2-2.1 billion, which has been prevalent over the past seven days, marking a pause in the fight between bulls and bears. We have yet to find out if this signifies fatigue from the turbulent moves of the past few months or preparation for a new strong push.
So far, local victory is on the side of the bears, who dominate the major currencies at the moment, stealing 0.8% from Bitcoin and 5.7% from Polkadot over the past 24 hours.
Last week, Bitcoin was not able to develop upward momentum and returns again to the $41,000-42,000 consolidation area, approaching from above. The development of a fall from these levels in the coming days will be the development of a downtrend since November. The bearish scenario envisages a fall towards $31,000 by the end of this week to close the July gap. However, the doors to such a decline will open only after the bulls give up the $40,000 level they managed to hold in September and early January."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,044,944,760,220.
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