Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!
Bitcoin heads north, trying to dodge back-to-back losing weeks
On Friday, Bitcoin prices managed to leap due to the fact that bullish traders are trying to dodge consecutive losing weeks in the financial markets, which have faced up to five weekly losses out of last six.
As a matter of fact, the currency pair BTC/USD ended up with $6,369.84, heading north by up to 0.3% on the Kraken cryptocurrency exchange.
Additionally, while the medium as well as long-term trend is still descending, data drops a hint that retail investors haven't given up yet.
According to retail trader data, up to 82.6% of market participants appear to be net long with the ratio of investors long-to-short at about 4.76 to 1. Eventually, the total number of market participants net-long rallied by up to 0.7% from yesterday and also diving by 2.9% from the previous week. Meanwhile, the number of investors net-short declined by 2.7% from yesterday and also inched down by 0.5% from the previous week.
Market experts told that they are used to taking rather a contrarian view to market sentiment, and the very fact that investors are net-long drops a hint that Bitcoin prices kight keep diving.
Apart from that, altcoins, which are any crypto assets except Bitcoin, managed to outperform in general. The currency pair ETH/USD rallied by 1.5% ending up with $200.14. As for BCH/USD, this currency pair inched up by up to 9.3% coming up with a reading of $461.50. The currency pair LTC/USD tacked on by 0.25% ending up with $51.40, while XRP/USD surged by 0.6% showing 46 cents.
As for Bitcoin futures, they concluded the week on an upbeat note. Eventually, November delivery Cboe Global Markets November futures XBTX8 surged by 0.6% being worth $6,347.50. Additionally, November delivery CME Group futures BTCV8 soared by 0.5% reaching $6,345.
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The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.