Thoughts on the cryptomarket as of 12/11/2020

During the day, Bitcoin was in the range of 18450 - 17800. Until 00 hours, Bitcoin was at the upper border of the range, then began to decline, reached 17800, traded around 17850-17800, and now it is trading at 18200 - 18300.

Market capitalization 530 billion, dominance index 62.9%.

Equity markets were practically in place yesterday, with the S&P 500 closing at 3668 (down 0.13%), the Dow Jones shedding 0.23% and the Nasdaq rallying 0.54%.

The ECB announced its intention to help the economy by 500 billion, the FDA approved a vaccine from Pfizer and BioNTech, and another 3 days were given for Brexit negotiations.

Brent crude reached $ 50, gold around 1840, the dollar index fell below 90.7.

Despite the positive for the vaccine and the falling dollar index, futures for the S&P 500 are still in the red, Asian indices are also looking down.
Bitcoin yesterday confidently held above 18K, repeatedly trying to gain a foothold above 18400. Attempts did not lead to success, and from 00 hours Bitcoin went down. So far, the main cryptocurrency has not updated the lows from 9.12, and is holding above 18200.

Altcoins expectedly followed the road that Bitcoin showed them, market capitalization has lost more than 10% of the previously reached maximums. Ether is trading below 560, of the TOP-10, Litecoin and Link lost the most.

Until it goes below 17600, Bitcoin remains in the same range of 17600-18500. If consolidation below 17600 occurs, perhaps we will test the strength of the late November levels at 16800-17000. If they bring FUDa about December 15, regulation of stablecoins or something like that, we can go to 16,200. Then fear and uncertainty will appear on the market, the deer will finally merge assets, or even become short, and it will be possible to move on to growth.

In the medium term, this does not change the prospects for Bitcoin and the market as a whole. In the short term, fixing below 17,000 for more than a day can postpone the ATH update for Bitcoin to the first quarter of 2021. Until that happens, I consider it more likely to be updated in 2020.

Interestingly, the largest bank in Singapore has confirmed the launch of a cryptocurrency exchange for institutional clients and accredited investors. In addition to Bitcoin, Ethereum, Bitcoin Cash and XRP will be traded there.

Thoughts on the cryptomarket as of 12/09/2020



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Category: Analytics | Views: 61 | Added by: andryvrozhkov | Tags: #Bitcoin #Bitcoin markets #BTC #bit | Rating: 5.0/1
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