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
- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…
- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…
The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…
The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…
- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…
- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…
This website uses cookies
