Categories: Crypto Review

Bit comment: Bitcoin cannot break away from support

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

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team
Tags: btcusd

Recent Posts

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

2 days ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

2 days ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

2 days ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

2 days ago

EURGBP Wave Analysis 19 December 2024

- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…

3 days ago

EURJPY Wave Analysis 19 December 2024

- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…

3 days ago

This website uses cookies