This Friday (20th), the Bitcoin (BTC) retreated from the range of US$ 30 thousand. THE cryptocurrencyas well as the crypto market as a whole, is on track to close its eighth consecutive week of losses.
already the Ether (ETH), crypto asset from the network smart contracts gives Ethereumdropped below $2,000, and spent the day in that price range.
According to data from CoinMarketCap, the market capitalization of the sum of all crypto assets also posted losses of 2.48%, and left the market at about $1.25 trillion. The dominance of bitcoin and ether is, respectively, 44.6% and 19%.
“Fear & Greed” Index – how is the feeling of fear in the market?
The “Fear & Greed” index, or fear and greed, seeks to represent these feelings that surround the market. The index scale is from 0 to 100 points, where the closer to zero the fear is extreme, and from 100 the greed, or optimism, reigns:
Market analysis
Humberto Andrade, trading analyst at Bitcoin Marketpoints out that the week did not have many surprises: volatility and tension continued to dominate.
With bullish breaths and pessimistic sighs, the crypto market is on track to surpass its new record, in what would be the eighth week in a row that the bitcoin.
The advance of regulatory discussions, questions about Tether reserves and a confused and tense international scenario did not contribute to a necessary reaction.
Data from the Chinese economy, released in recent days, already reflect the country’s new lockdown and corroborate fears that the scenario could get even worse.
From the point of view of on-chain data, the analyst says it is possible to observe an attempt to return volume and addresses in profit.
In addition, for him, some investors have ended their position, even with a loss, in a clear demonstration of lack of knowledge of the market in which they invested.
“What draws attention, however, is that for the first time since the beginning of the year, long-term investors got rid of their position, reinforcing that the moment continues with uncertainty and extreme fear”, adds Andrade.
According to graphic analysis of transfer:
“After the price of bitcoin reaches the last Fibonacci target (1) of the bearish flag on the daily chart in the region of US$25,400, a double bottom (2) is formed, which refers to a reversal figure. This could indicate a possible change from a downtrend to an uptrend,” the analysts said.
According to the crypto exchange I transfer, so far (considering the date on which this analysis was made, on May 19), the configuration of this figure is taking place.
Thus, if confirmed, analysts say it is possible for Bitcoin to reach values between $38,000 and $39,000 in the short term.
“On the other hand, if this reversal is not confirmed, we may have the continuation of the current downward movement of bitcoin, with the next stop at 25,000 points.”
Decentralized Finance (DeFi)
the sector of decentralized finance (DeFi) showed slight recoveries on Friday.
The total amount locked in DeFi, according to the website Defillama, is US$ 138.67, a positive daily variation of 0.57%. Check the main protocols:
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
