Bitcoin lost 2.5% over the last 24 hours and traded around $9,750. The Bitcoin’s Fear & Greed Index declined to the “neutral” level at 52. The RSI, starting on February 9th, showed a sharp decline from the overbought area, which confirms the technical basis underlying the current price dynamics. The Bitcoin Dominance Index continues to decline slightly to 63.4%.
What is happening now is neither bad nor good news. On the one hand, the sell-off could have been much stronger, while we see that the support for the Bitcoin appears at every stage of decline. On the other hand, in case the process of slow and painful decline is delayed for too long, real “emergency brakes” will be triggered. We may see a completely different intensity of support levels breaking. So far, the situation for Bitcoin and the rest of the cryptocurrencies seems to be a consolidation process after a rather sharp rise. If the market is allowed to stay close to the reached levels, we can still see a new growth impulse, as the total crypto market capitalization grew by $64bn over the month.
The FxPro Analyst Team
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