Daily review
- Crypto market capitalization: $0.938 trillion (+$57 billion);
- Dominance: BTC - 38.3%, ETH - 19.8%;
- Index of fear and greed: 24 (extreme fear) against 22 the day before.
Bitcoin on Tuesday, September 6, at the end of the day, the BTC/USDt pair fell by 5.08% to $18,790. Buyers were unable to pick up the pace to move above the $20,500 resistance levels. The price returned to the $18,000-$19,000 support zone. The zone is strategic for buyers. The sellers had many unsuccessful attempts to break under it. Now the probability of a breakthrough has increased dramatically. Its violation will lead to the liquidation of the positions of buyers, which will hurt the miners and the market as a whole. In this case, two levels of $15,000 and $12,000 will appear.
The cryptocurrency market is under pressure from the fall of US stock indices and the rally of the dollar. The dollar is flying to the moon due to the weakening of the euro and expectations of a rate hike by the US Federal Reserve at a meeting on September 21.
For buyers, the situation remains critical. The June low was fixed at $17,622. It now acts as a magnet for sellers who control the market for a long time. There are still high risks of falling to 15 thousand by mid-September. The lower the liquidity in the order book, the stronger and faster the price will fall. Index futures have turned up, we may stand at about 19 thousand before the American session.
Crypto world news
- Bellatrix update was successful — the Ethereum network is ready for The Merge.
- Glassnode allowed the price of bitcoin to fall to $17,000. According to TA, the intermediate level is the level of 15,000.
- Charles Hoskinson called Ethereum Classic a "dead project". Not everyone shares his opinion. Ethereum Classic will be one of the main beneficiaries of the influx of miners after the merger into Ethereum.
- The Ministry of Finance and the Central Bank of the Russian Federation recognized the need to use cryptocurrencies in international settlements. The departments agree that “in the current conditions” one cannot do without cross-border settlements in cryptocurrency, but oppose their use as a means of payment within the country.
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