Article By RoboForex.com
And once again the BTC is very sensitive to mood swings in the US stock market. There is a correlation between S&P 500/NASDAQ and the BTC, which can be easily seen right now. This week, American exchanges are selling, so the major cryptocurrency has few chances to rebound.
The BTC is falling towards $20,080 on Wednesday, and it’s been the fourth negative trading session in a row.
There is no more upside target at $24,000-$25,000: despite positive conditions, bulls wasted a chance for a rebound. Considering negative forecasts for S&P 500 – some foreign experts believe it may plummet to 3,200 points – the outlook for the major cryptocurrency is rather gloomy.
The closest significant support for the BTC right now is at $19,000 – the decline towards this level is already a very negative vibe. Below it, there is the next support, the low reached in June, $17,622.
The Bitcoin Fear & Greed Index is 13 points today after being 10 points yesterday – it’s an Extreme Fear.
The BTC share in the crypto market is now 42.5%, and the ETH owns 15.3%.
In the last 24 hours, all major cryptos from the Top 10 dropped in one way or another. The worst of them are SOL (-6.20%) and BNB (-4.53%). DOGE, which has been the strongest of them recently, lost 5.63%. Amid global depression, BTC, ETH, and ADA were better and lost about 2.5% on average.
Yesterday morning, miners mined the last Proof-of-Work TON. The blockchain then switched to Proof-of-Stake to keep the ecosystem decentralisation principle. The token mining is officially over.
Article By RoboForex.com
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.
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