By Thursday morning, Bitcoin is down nearly 2% and is trading around $ 57K. Bitcoin very much scared the market participants yesterday, starting to decline sharply along with the altcoin market. The benchmark cryptocurrency slipped from almost $ 59K to $ 56K, where the correction stopped.
Yesterday, something that market participants are very much afraid of happened, especially its non-professional retail part, when Bitcoin’s slippage with the simultaneous growth of altcoins is followed by a synchronous failure throughout the crypto market.
Yesterday, we saw demand persist, which helped digital currencies bounce back almost immediately following the sell-off. Moreover, Bitcoin’s rebound was associated with a 12% increase in trading volume per day.
Despite the correction, the index of greed and fear for Bitcoin and the largest cryptocurrencies even increased by one point over the course of a day to a value of “73”, which corresponds to the “greed” regime in a rather moderate form. The RSI for the BTCUSD pair on the daily chart remains in neutral mode, showing no signs of readiness to move towards overbought. Now the cryptocurrency market froze in anticipation of new triggers, while the total capitalization rolled back to $ 1.9 trillion.
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