Bit comment: Bitcoin cannot break away from support
October 22, 2019 @ 14:18 +03:00
Last night, bitcoin briefly jumped above 8300, but failed to develop its offensive, and was thrown back to the area of 8200, where it began trading the week. The BTC’s dominance in the total crypto market capitalization increases to 66.5%. This growth indicates that investors are turning their focus to the first cryptocurrency to the detriment of others. This concentration of attention is characteristic of difficult times.
Traders are now primarily paying attention to the news background in the world: it is he who rules the mood of the cryptocurrency market these days. So, everyone remembered that soon, the quarterly reporting season is gaining momentum in America, and there are preliminary encouraging data. According to the reports, 83.7% of the S & P500 companies exceeded the revenue plan. Optimism in the stock market may well extend to cryptocurrency rates. Although, this will somewhat contradict the assertion of cryptocurrency as an alternative to the traditional financial system and a quiet haven in times of turbulence.
From the technical analysis side, Bitcoin remains above the 200-day average. Meanwhile, the death cross hangs over Ethereum as the price is below the key moving averages, and the 50-day MA falls below the 200-day one, which is often regarded as a bearish signal.
The FxPro Analyst Team