Bitcoin: down at $40,000; more losses ahead?
The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin ceases diving as market tries to form a short-term bottom
On Tuesday, Bitcoin ceased its devastating dive, so the number one crypto asset traded marginally higher.
On the Kraken crypto exchange, the currency pair BTC/USD ended up with a result of $3,685.64, adding 0.2% since Monday’s outcome.
After a dire stretch for the most popular crypto asset, one financial analyst told that signs hint at a probable bottom around the current levels. Having lost approximately 40% of its market value for the last two weeks, with little news to drive that powerful move, the leading crypto asset is attempting to form a base around the $3,500 - $3,700 level for the last three days, as some market experts pointed out.
While the longer-term chart setup is still downbeat, with a probable test of $2,970, but in the short-term the charts are indicating that the number one crypto asset is in oversold territory. As follows from this, it might end up with a relief rebound up, experts explained, referring to the relative strength index.
The RSI turns out to be a technical gauge, measuring the overall magnitude of recent price moves to assess whether a particular asset is overbought or oversold.
Meanwhile, altcoins marginally headed south. As a matter of fact, the currency pair ETH/USD slumped by 1.6% being worth $102.55. As for Litecoin, the currency pair LTC/USD lost 0.2% reaching $28.91. XRP/USD, the crypto asset, running on the Ripple protocol, dived by 0.3% hitting 34 cents. Besides this, the currency pair BCH/USD headed south by about 0.4% being worth $168.70.
Having dived over 10% on Monday, futures markets stand still on Tuesday. As a result, December delivery Cboe Global Markets contract XBTZ8 decreased by 0.6% showing $3,625, while November delivery CME Group contract BTCX8 rallied by up to 1.8% showing $3,675.
Similar
Ethereum: faster than Bitcoin
Ethereum crossed $3000 recently and is aiming at $3500 already. Is it taking over Bitcoin's place?
Grandfather of crypto falls below the $8,000 level after consolidation
Bears finally took over the cryptomarket and pulled the price for BTC down.
Latest news
Ideas for trading US stocks on July 26-30
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
Friday Trades: EUR/USD, USD/JPY, and Gold
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
Will There Be Any Changes in US Monetary Policy?
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…
Deposit with your local payment systems
