HFM information and reviews
Octa information and reviews
FXCC information and reviews
FxPro information and reviews
FXCM information and reviews
Vantage information and reviews

Crypto market seeks local support

25 September 2023 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

Crypto market capitalisation fell to $1.04 trillion from $1.06 at the start of last week. The Crypto's Fear and Greed Index briefly dipped into Fear territory at the end of the week but returned to Neutral (47) on Monday. Bitcoin has been unable to break out of its sideways for a prolonged period. Trading at $26.1K at the start of Monday's session, it's down just 1.5% over the past 24 hours, 2% over the past seven days, and 0.5% from its level 30 days ago. The 50-day moving average remains active resistance.

If the bearish momentum develops, we will closely monitor the dynamics around $25.8K, the previous consolidation area. A failure here could trigger a rapid decline to $25.8K. If the coin doesn't get bought back here as well a direct path to $20K will open.

Ethereum is still unsuccessfully trying to find support and is trading below $1580. And this downtrend is revealing the general sentiment of market participants, where the risk appetite is diminishing. The move towards $1400 may have already begun.

Bitcoin has been unable to break out of its sideways for a prolonged period

News background

Anthony Scaramucci, founder of SkyBridge Capital, remains bullish on bitcoin. He believes that BTC has a much better future than gold, whose purchasing power has increased significantly over the past 50 years. Bloomberg strategist Mike McGlone (Mike McGlone) warned that Bitcoin could fall because of the Federal Reserve's actions. The Fed continues to pressure the crypto market by tightening monetary policy. The next support level for BTC is $25K.

Ethereum is still unsuccessfully trying to find support and is trading below $1580

According to JPMorgan, the April Shanghai update of the Ethereum network failed to meet expectations in terms of results and network activity. In addition, the crypto community had legitimate concerns about the level of network decentralisation. Bitmain unveiled a powerful new Bitcoin mining machine. The Antminer S21 is highly energy efficient and supports a hash rate of 335 TH/s.

Share: Tweet this or Share on Facebook


Bitcoin accelerated growth
Bitcoin accelerated growth

Gold's historic highs and the surge in risk demand at the end of last week did not spare cryptocurrencies. Cryptos experienced impressive gains on Monday, but one cannot leave aside the weekend bull run as well...

4 Dec 2023

Vibrant crypto market
Vibrant crypto market

The crypto market has added 1.5% in the last 24 hours, bringing the capitalisation back to the 1.44 trillion level, which has been acting as resistance for the last three weeks...

1 Dec 2023

Crypto market: another pullback within the framework of growth
Crypto market: another pullback within the framework of growth

The crypto market cap fell 0.5% in 24 hours to $1.42 trillion, showing another pullback as part of a broader uptrend that started in mid-October but has slowed in the last couple of weeks...

30 Nov 2023

Crypto market back to test multi-month high
Crypto market back to test multi-month high

The crypto market added 2.4% in 24 hours to $1.43 trillion and went back to test highs since May 2022. Bitcoin added 3% during this time, Ethereum 2.75%, and Solana was the top performer among the major coins, adding 8.4%...

29 Nov 2023

The crypto deepens correction
The crypto deepens correction

The crypto market has lost 1.5% in the last 24 hours to capitalisation of $1.42 trillion. Traditional markets have also seen a slight pullback from the last week’s peak...

28 Nov 2023

Cryptocurrency traders pause after growth
Cryptocurrency traders pause after growth

Crypto market capitalisation was near $1.42 trillion on Monday morning, roughly where we saw it a week earlier. Failure to build on the growth at the end of last week caused moderate pressure...

27 Nov 2023

MultiBank Group information and reviews
MultiBank Group
FP Markets information and reviews
FP Markets
XM information and reviews
Just2Trade information and reviews
AMarkets information and reviews
IronFX information and reviews

© 2006-2023 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.