The crypto market positive mood at the beginning of the week was replaced by a sell-off by the middle of the week. Bitcoin has fallen by more than 5% in the last 24 hours and is now trading around $10,250. Altcoins are losing about the same amount.
Although the hash rate in the Bitcoin network has reached a historic high, which is a precursor to price growth, it does not help the benchmark cryptocurrency at the moment. The level of $11,000 has become too hard resistance level with sell-offs on the way. Both bulls and bears have recently become more modest in their requests: both sides have a range of about a thousand dollars to initiate a reverse trend.
The BTC dominance index is still around the levels of April 2017, and even the largest Twitter account @Bitcoin, which promoted Bitcoin Cash, has changed its orientation to the first cryptocurrency, which is quite symbolic in the current situation.
The FxPro Analyst Team
This Review is presented by FxPro.
For all Articles related to Fxpro please click here