Bitcoin remains in the “red zone.” The price chart overcame the last week’s minimum of $3,460. However, “digital gold” continues to be in the downward trend. As for the other cryptocurrencies, they repeat the trading dynamics of the “big brother” and stick to a downward trend. Ethereum has overcome the important support point of $116. Ripple has consolidated below the support level of $0.3132.
The market capitalization of cryptocurrency has decreased by $3 billion and is currently around $111 billion. Due to this, Bitcoin has slightly decreased in price and almost reached the nearest support.
The beginning of the week was calm
Monday’s news background could not greatly affect the course of trading. Nearly all day long there was news with a small degree of importance. One of them was the message that Iran will present its cryptocurrency this week. Experts believe that the new coins will be initially used in the consumer sector. Recall that some banks in Iran do not have access to SWIFT.
BTCUSD (H4): Bear Market
Bitcoin shows a confident downward movement. One of the important levels at $3,453 has been passed. At the same time, the prospect of achieving support at $3,224 appears.
A steady downtrend has formed. It is likely that such a movement is caused by the news of the beginning of the week. They have practically become the “horn of sales” of the weekly perspective.