Bitcoin is close to an important resistance level of around $3,575. At the same time, “digital gold” is within the framework of a downward trend. It is also clear that other cryptocurrencies have shown moderate speculative growth. BCH was Among the growth leaders; it is now trading at $117 with a change of +5.33%. XRP deserves special attention, its change was +9.84%, and it is trading at $0.3186.
The market capitalization of cryptocurrency amounted to $115 billion, which indicates the speculative nature of the market. As long as new funds for purchases of popular cryptocurrencies are not received, it is too early to talk about global growth.
Another piece of bad news
The Head of Civic startup Winnie Lingham has reported poor predictions. In his opinion, the price of Bitcoin could collapse to $3000 due to weak purchasing capacity. The expert also says that some popular projects are ready to be shut down. The latest news is completely disappointing because startups are cutting staff. However, this week it became known that the NEM Foundation is going to restructure its business.
BTCUSD (H4): weekly goal achieved
Bitcoin has pushed off an important resistance level of around $3,575. We also note the digital currency being in the trading range of $3,575 – $3,453. This, in turn, indicates the speculative nature of trading. If new sales begin, the support can be expected to reach $3,453.
Despite the negative news background, we note increasing volatility in the cryptocurrency market.