After a day of relatively positive dynamics, the cryptocurrency market has again entered a bearish zone. The decline has not been as profound as it was before, but all of the top 10 coins are currently in a downtrend.
The decline has affected overall cryptocurrency market capitalization, which continues dropping. At the moment, the value amounts to $144.3 Bln.
Relevant data for Bitcoin is below.
Market Cap: $94 687 305 672
Volume (24h): $36 148 539 341
Change (24h): -2.50%
The data is relevant at press time.
BTC/USD: When will bulls finally hold above $5,500?
Our recent Bitcoin (BTC) price prediction remains relevant as the leading crypto is slowly approaching the $6,000 mark. The rate of the chief coin has declined by 1.34% since yesterday.
Currently, the sideways trend is prevailing on the 4H chart. Bitcoin (BTC) continues trading within the $5,000 and $5,500 range. Thus, the Bollinger Band indicator supports the parity of bulls and bears. Also, trading volume is not increasing, suggesting that a sharp rise in the nearest days is unlikely.
On the bigger time frame, the bullish mood is becoming more vivid. Seller trading volume is dropping, meaning that bears are losing their effort to push the price below the $5,000 mark.
In addition, applying the Fibonacci retracement on the daily chart, the first resistance area is located near 23.6%, which corresponds to $6,000. In this case, it may reach this level by the end of the month.
Bitcoin is trading at $5,229 at press time.