During the day, the benchmark cryptocurrency declined to $11,600, but then again attracted buyers’ demand, trading at the time of writing around $11,900. At the moment, a sideways trend near the reached level would be a good scenario for the cryptocurrency.
A short period of stability would help to strengthen around the round level to intensify the momentum for further growth. According to the CoinMarketCap, the trading volume declined by 11% in the last 24 hours, while the dominance index continues to grow. Over the last month, the index added 8%, which affects the overall balance of power in the crypto market. Short spring with a rally of altcoins was quickly replaced by a new winter and risks becoming a real ice age, threatening them with extinction.
This scenario is predicted by a growing number of well-known analysts, and with each new correction of Bitcoin, market participants are increasingly withdrawing money from alternative cryptocurrencies in the direction of Bitcoin.
The FxPro Analyst Team
The dollar experienced a sell-off but rallied back up by the end of the week.…
The new week will be packed with economic data and decisions from key central banks.…
Despite economic factors working against the dollar, its oversold condition helped it this week or…
USDCAD: ⬇️ Sell - USDCAD reversed from key resistance level 1.4500 - Likely to fall…
Solana: ⬆️ Buy - Solana reversed from the long-term support level 113.75 - Likely to…
Adobe: ⬇️ Sell - Adobe broke round support level 400.00 - Likely to fall to…
This website uses cookies
