Bitcoin Hovers Around $8,700 | News

Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $8,632.44 (+0.7%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $220.95 (-0.06%), while XRP has dropped by 0.18% and is now trading at $0.231.

FxPro’s team of analysts say:

“Bitcoin is showing signs of recovery on Monday morning. Over the past 24 hours, BTC has grown by 1% and is currently trading at around $8,700. However, the BTC/USD trading pair yesterday tried to break above the $8,700 barrier, but failed to do so, which made it fall back to $8,500.

Trading volumes have remained stable all this time, which shows market participants are simply waiting to see what happens. The Bitcoin greed and fear index is at the ‘fear’ level after falling from 46 to 38 points. The RSI index is approaching the oversold zone, reflecting a sharp decline last week. The reference cryptocurrency probably comes from institutional investors.

Cryptos have experienced a sharp recession that could seriously affect the market’s outlook in the medium term. It must be noted that traditional markets have fallen even more.”

According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $246,263,832,478.

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