The weekend for Bitcoin (BTC) was negative. After testing an important level of support in the range of $3,575, “digital gold” has turned into sales. But the remarkable fact is that the price chart could not reach the support at the level of $3458. Similar dynamics were shown by other cryptocurrencies. Ripple (XRP) showed a -1.20% change and is now trading at around $0.3026. Bitcoin cash (BCH) showed similar dynamics; it is trading at $119 with a change of -0.94%.
The capitalization of the cryptocurrency market stays around $113, which indicates a weak market. Bidders will hold a waiting position most likely.
Positive news background
The news background of the weekend contributed to the growth of coins, but market participants preferred neutrality. It became known that Iran is going to launch the PayMon cryptocurrency. The coin is backed by gold and should help restore the country’s economy. Several banks and the Ghoghnoos company were involved in the launch of the new cryptocurrency.
The state of Wyoming surprised the world by legalizing cryptocurrencies. According to the statement, the state recognizes any coin as a property. In addition, the banks are to create custodial services. The law only supports cryptocurrencies backed by real money.
BTCUSD (H4): Consolidation continues
Bitcoin remains in the positive trend after a reversal from the price support. There is a prospect of reaching the level of $3,575 and strong support in the range of $3453.
Despite the “bearish sentiment” among the market participants, there is still a moderate positive. At the very least, the weekend news background has set the stage for moderate growth of Bitcoin and other digital currencies.