[ad_1]
In the last 48 hours, the cryptography markets have returned to a state of turbulence after several days of stable conditions.
the Bitcoin price (BTC) The rally lasted less than 30 minutes, suggesting that it was powered by automated trading robots reacting to brief pressure.
The price of bitcoin (BTC) then stabilized at the level of $ 3,700, a level of resistance that has dominated since January 10th. Today, bitcoin (BTC) fell from $ 3,700 to $ 3,370 and rose to $ 3,530. In total, Bitcoin (BTC) has lost 4% in the last 24 hours.
It is clear that the level of support to be monitored is $ 3,500 and the key resistance level is $ 3,700. These levels are dominant for 10 days. It is possible that today's crash is linked to the expiry of CME Bitcoin's futures contract on January 25th.
It is generally observed that the price of Bitcoin (BTC) falls in the days preceding a Expiry of the CME futures contract. This is due to a practice called slam closing, whereby futures traders manipulate an badet to collapse before it expires in order to increase profits from short selling.
Admittedly, the month of January was dominated by short sellers, with short positions likely to have been subscribed at the $ 3,900 level just after the expiry of the December futures contract.
All other major cryptocurrencies are down today. Ripple (XRP) is down 3.3 percent; Ethereum (ETH) is down 4.2%; Bitcoin Cash (BCH) is down 5.5%; Bitcoin SV (BSV) is down 2.8%; EOS is down 4.7 percent; Stellar (XLM) is down 3.3 percent; Litecoin (LTC) is down five percent; Tron (TRX) is down 1.8 percent; IOTA is down 4.8%; Monero (XMR) is down 4.2%; Dash is down 5.9 percent; and Dogecoin (DOGE) is down 1.7 percent.
Dogecoin (DOGE) continues to show robustness against the widespread decline of cryptographic space with a much smaller loss than other major crypto-currencies today.
Ethereum (ETH) is likely to continue to face turbulence in the coming weeks due to the hard end of Constantinople scheduled for late February. The fork is perhaps more unpopular than ever because of its delay and accidental breakage of a chain.
the total market capitalization of cryptocurrency declined to $ 120 billion, still 20% above the bear market lows, set in mid-December. Bitcoin (BTC) and the rest of the crypto market are no more than a collapse, and a collapse is quite conceivable given the weakness of the Ethereum market (ETH) and the upcoming expiry of the CME Bitcoin futures contract on January 25th.
Source link
