Over the past 24 hours, Bitcoin shows almost zero dynamics. Daily trading volumes reached a new record of $34 billion yesterday. Bitcoin growth stalled around $8,000, pressing the momentum of the altcoin market. At the same time, it is worth noting that this is only a pause in growth and not a reversal to a decline. The bears could not push the benchmark cryptocurrency below $7,700. The BTC dominance index fell from 60.5% on May 14 to 58%, giving up part of the rally to the altcoins. Google Trends confirms FOMO (fear of missed opportunities) of retail investors with a surge of search queries on the subject of buying Bitcoin. It is likely that the market has just begun to warm up, and the return of Bitcoin and the cryptocurrency market to the focus of retail investors is fully capable of initiating a much longer rally than what we have seen so far. The “stops” occur at round levels ($6,000, $7,000, $8,000), and this speaks of the technical features of the dynamics, not reflecting the change of moods.
The FxPro Analyst Team
Market picture The crypto market capitalisation decreased by another 1.5% to $2.27 trillion, getting closer…
ANF reversed from key support level 113.40 Likely to rise to resistance level 132.31 ANF…
- GBPUSD rising inside minor correction 2 - Likely to rise to resistance level 1.2700…
Market picture The crypto market has lost 3.3% in the last 24 hours to $2.3…
- USDJPY broke key resistance level 155.00 - Likely to rise to resistance level 160.00…
- Ebay reversed from support level 49.35 - Likely to rise to resistance level 52.55…
This website uses cookies
