Bitcoin is being adjusted
The cryptocurrency market seems to have entered a new stage of uncertainty. At the moment, “digital gold” is in the trading framework of $3,740 – $3,575. The Bitcoin price chart (BTC) is still consolidating below $3,740. But in case of a breakdown of this level, it would be logical to expect consolidation in a higher trading framework. If we pay attention to other cryptocurrencies, they also showed weak trading. Thus, the recent growth leader, Litecoin (LTC), fell and is trading at around $43 with a change of -0.23%. Ethereum (ETH) slightly strengthened at $121 with a change of + 0.16%.
The capitalization of the cryptocurrency market went down a little and amounted to $120 billion. At the same time, there is no significant capital outflow. This, in turn, indicates the willingness of market participants to buy more. The current lateral movement may be temporary.
As for the news, it was not about a visible dynamic of trading. We can say that “news was separated from bidding” this time. But nevertheless, the information from the Diar company did not pass by – they stated that transaction fees were dropped sharply. According to their materials to the level of 2014. There is an assumption that this is a consequence of a decrease in trading volume, and a preference for large investors in over-the-counter trading.
Bitcoin is going slightly down while demonstrating weak trading. But it is encouraging that the market capitalization is still at a high rate. If the bearish sentiment continues, then we can expect the achievement of support at the level of $3,575. In the case of a positive scenario, a breakdown of the $ 3,740 mark is feasible.
After growth, a small pause is coherent. In the case of new money inflow, Bitcoin will confidently overcome the resistance level of $ 3,740.