Bitcoin has been enjoying an upswing since July 20. It finally created a bearish candle on Thursday, after showing eight bullish candlesticks consecutively. The bearish candle saw the price crash by 4% to $38,000 after registering a day-high of $40,900 briefly, according to available data on crypto exchange, Binance.
For the third time, Bitcoin is rejected by the $40,500 resistance area, likewise the 0.382 Fib retracement opposition point. Interestingly, technical indicators are still bullish on the day-to-day TF. While the positive cross of the Stochastic still remains from yesterday, the Relative Strength Index has crossed 70. On its part, Moving Average Convergence Divergence (MACD) is almost bullish.
Failing to move according to predictions which suggested that a breakout from the $40k opposition region would lead to an uptrend, the next opposition zone to beat is $47,800. That zone is also the 0.618 retracement opposition point.
Crypto Market Cap
The entire crypto market cap has fallen following the retracement by Bitcoin. After trying to cross the $1.62 trillion position on Thursday, market cap fell by 1% later on Friday to $1.59 trillion, according to data from CoinMarketCap.
During the bull run in May, the total market cap almost closed in on $2.5 trillion. As prices began to crash in the wake of a general market downturn, it fell to $1.2 trillion.
Friday’s Altcoin Movers
Largest cryptocurrency by market cap, Ethereum gained 1.2% today. The biggest altcoin gainer in today’s market is Bitcoin Cash ABC (BCHA), as it moved by a whopping 34% at a price of $29 against BUSD.
Newly listed token on Binance exchange, Coin98 (C98) is up by 27% at $1.3. The token was listed on Binance launchpad and had over 4 million BNB committed to it during its IDO. Upon listing for trading, it moved by over a thousand percent.
Biggest altcoin loser is ALICE, down by 13%, after being in the green yesterday.
Other Crypto Updates
- Software giant MicroStrategy pledges to add to Bitcoin reserves even after recording a total loss of $438 million since first Bitcoin acquisition.
- PayPal plans to extend crypto trading services to the UK market with its yet-to-be-released Super app.
