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Crypto Industry News:
The three largest stock market indices in the US fell by 3% yesterday. At the same time, Bitcoin failed to break the $25,000 barrier again, and the subsequent rejection brought it back below $24,000.
Most altcoins suffered even more, with MATIC, OKB, SOL and a few others down around 7%.
The last few days, more precisely since the end of last week, have been characterized by high volatility for the main cryptocurrency. On Thursday, it surged to $25,000 and topped the high for a six-month high before dropping just as quickly to below $23,500.
The next two attempts to cross $25,000 occurred in the last few days, and the last one was yesterday. BTC hit $25,200 for a while, but the asset failed once again. The subsequent rejection sent the value down, with Bitcoin trading below $24,000 today.
This leap came during the Wall Street Crash. All three major US stock indexes closed in the red. The S&P 500 and Dow Jones were down 2% on the day, while the Nasdaq Composite was down over 3%.
The recent drop in the price of BTC has lowered the asset's market capitalization to $465 billion. Its lead over altcoins increased slightly to 42.6%.
Technical Market Outlook:
The BTC/USD pair had made a new local high at the level of $25,257 and after a short period of consolidation reversed sharply lower to make a local pull-back. A sustained breakout above the level of $25,000 on BTC/USD is still needed in order to extend the rally towards the key mid-term technical resistance seen at $25,442, so there is still a room to the upside for bulls. However, the bears had manage to break below the short-term trend line, but then bounced again from the 38% Fibonacci retracement of the last wave up located at $23,800. In a case of a breakout below this retracement level, the next target for the corrective cycle are $23,346 (50% retracement) and $22,868 (61% retracement), but for now the bulls are testing the broken trend-line from below. The weak and negative momentum on H4 time frame chart supports the short-term bearish outlook for BTC.
Weekly Pivot Points:
WR3 - $25,667
WR2 - $24,967
WR1 - $24,709
Weekly Pivot - $24,259
WS1 - $24,000
WS2 - $23,550
WS3 - $22,841
Trading Outlook:
Despite the recent rally, the down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The gamechanging level for bulls is located at $25,442 and it must be clearly violated for a valid breakout in the longer term.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
