Bitcoin has gained 1.8% in the last 24 hours, returning above $61.7K. The RSI index on the daily charts of the first cryptocurrency returned to growth, dropping the overbought mid-last month.
Capitalization of the crypto market updates the record Capitalization of the crypto market updates the records
At the same time, most of the leading altcoins are adding even more dynamically: ether has strengthened by 3.3%, and Dogecoin – by 4.8%. The promotion of altcoins on a broad front pushed the total capitalization of the crypto market to new historical highs, exceeding $ 2.66 trillion.
The cryptocurrency fear and greed index is stuck at a height The cryptocurrency fear and greed index is stuck at a height
The cryptocurrency index of fear and greed dropped by a point to 73, while remaining in the territory of “Greed”. These are pretty high index levels. The last two times we have seen the index stabilize about as high in May and September before sharp collapses. Nevertheless, this time we pay attention to the broad front of the altcoin offensive and the historical highs of the crypto market capitalization – all these are signs that the upward movement is still gaining strength.
In fact, as part of this rally, we haven’t even seen an episode of FOMO yet, so the sharpest part of the growth within this momentum is still ahead.
Despite the very sluggish performance of bitcoin in recent days, it is still noteworthy that there is clear support for declines in the $60K area. The same area was a serious resistance from March to May. In our opinion, we are dealing with the consolidation of bulls before the next storm for bitcoin, which promises to make the end of the year enchanting for the first cryptocurrency with a confident exit to new historical highs.
Bitcoin: gathering strength for a new growth momentum?Bitcoin: gathering strength for a new growth momentum?
The pullback from the October highs fits into the framework of traditional Fibonacci corrections from the growth wave from the September lows. Under this scenario, a new wave of growth may pass without significant corrections up to $83.9K.
However, the latest consolidation fits even more clearly into the framework of a corrective pullback to 76.4% of the rally from the July lows. In this case, the targets for the growth of BTC/USD look like levels just above $90K, where the first cryptocurrency may be already this month.
ETH/USD is moving even more evenly, adding for the sixth week in a row and methodically finding buyers on intraday declines. Buyers in this instrument have become more active on the decline under $3K, and historical highs have been regularly updated since the last one.
Ether: methodical purchases since the beginning of October Ether: methodical purchases since the beginning of October
There has been a net reduction in supply on the air since last week, which plays in favor of price growth, especially attracting the attention of investors concerned about the abundant growth in the supply of money in developed countries along with the huge level of public debt.
If we look at the ether from the technical analysis side, then the development of the last wave of growth opens up a direct and fast road to $ 5.4K.