while the markets traditional do not awaken, the Crypto Times come take a good morning to bitcoin. Check out a brief summary of what could affect the market this Friday (26).
O Bitcoin (BTC) yesterday ended in the positive, but only due to the strong pullbacks seen during the afternoon. Today, the cryptocurrency holds zero to zero at $26,400. Analysts believe that new support is at $25K, and it is one of the most important this year.
O native token of the largest smart contract network, the Ether (ETH)also looms dangerously close to $1,800. The total value of the cryptocurrency market has remained at a level of US$ 1.11 trillion in the last 24 hours.
Bitcoin is not afraid of US default
André Franco, chief analyst at Mercado Bitcoin, points out that today the day starts at zero to zero, but with the market “less heavy” and without the pressure of option expiration. “The risk of an American default is starting to appear on the horizon, but the market insists on not pricing this possibility”, says Franco.
In the on-chain data, the analyst points to another one-off reduction of 27,000 bitcoin in the position of long-term investors. “In Ethereum we had a positive net balance of 59 thousand ETH placed in staking in the last 24”, he evaluates.
Fernando Pereira, analyst and content manager at Bitget, points out that bitcoin continues to work within a bearish channel that should take the asset to at least $25,000.
“It will probably spend the rest of the month within that channel due to the low volume of trading in the market at that time”, he comments.
In correlation with Bitcoin, Nasdaq reaches the lowest levels of the year. On a scale of -1 to 1 (where 1 is full correlation), the US tech index is negative 0.6, the lowest since last December.
Meanwhile, the correlation of the largest cryptocurrency in the precious metal market is positive at 0.43. The correlation with the S&P 500 remains negative at 0.23.
The fear and optimism index drops two points, and remains at the index’s neutral level. The day before, the index was at 51 while today it is at 49 out of 100.
Source: Moneytimes
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