Bitcoin has started the last day of the workweek in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $39,145.15 (-6.7%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,889.6 (-7.64%), while Tether has dropped by 0.01% and is now trading at $1.
FxPro's team of analysts say:
"The capitalization of the cryptocurrency market has shrunk to $1.83 trillion after losing 7.3% over the past day. As we feared, the massive sell-off has been triggered by strongly negative sentiments in the US stock markets, and has been intensified by the break of important support levels.
Bitcoin has retreated to the $38,800 area. The breadth of the decline from the local peak at the start of the regular session in New York to the local low at the Asian open exceeds 12%. Sellers have demonstrated the impenetrability (so far) of the upper boundary of the downward price channel prevailing in Bitcoin since mid-November.
Without a sharp intraday reversal, we can confidently expect an acceleration in the liquidation of long positions in Bitcoin and a further decline. Prior to the $30,000-33,000 area, there is nowhere to look for support on the chart.
Ether has abandoned support at $3,000, quickly retreating to the late September consolidation area, ending near $2,850. Intensifying liquidation has us looking at $2,000."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,844,827,975,613.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.