Wednesday has shown negative trading dynamics at the cryptocurrency market. Bitcoin is trading in the price range of $3,740 – $3,566 with preferential sales. If this trend continues throughout Thursday, the support point at $3566 will be tested. Besides, “digital gold” is still on a downward trend. This at the same time creates a barrier for those who are ready to buy. Tuesday has resulted in Bitcoin’s consolidation at $3,599.83 with a change of 0.13%. Ethereum is being under pressure and is trading at $116.65 with a change of -1.64%.
The market capitalization of cryptocurrency stays below Monday’s maximum and is $119 billion at the moment. This situation indicates a decreased consumer’s interest of market participants. If capitalization keeps decreasing further ahead, it will be a strong sell signal. However, we should not forget that Bitcoin is still on a downward trend.
The News has not affected the cryptocurrency market so far.
News background once again did not make a significant impact on the course of trading. News with a slight degree of importance is prevailing. Statements made by representatives of stock exchanges and regulators are not creating a mood for the cryptocurrency market. However, there are staffing changes in large companies. Nebulas fired about 60% of employees, and Bakkt hired specialists in futures trading. Finally, the industry giant BitFury hired several top managers for its Crystal Blockchain project. It is known that this project is engaged in tracing illegal transactions.
BTCUSD (H4): return to the former level
This time, “digital gold” has turned away on the resistance level of the downward channel.
There is a prospect of achieving support point at $3566. If sales increase throughout Thursday, sellers’ strength will “drop” bitcoin to a lower trading range.
The strength of buyers in the cryptocurrency market has not been justified. There is a decrease in consumer interest, but at the same time, there is no significant reason for selling major digital currency.