Crypto: Two Steps Ahead, One Step Back

Expert market comment made by Chief Market Analyst Alex Kuptsikevich of the FxPro Analyst Team: Crypto: Two Steps Ahead, One Step Back
FxPro | 3 days ago
Stocktwits

Crypto: Two Steps Ahead, One Step Back

In the outgoing week, Bitcoin updated its all-time high, approaching the price of $110K and pulling the entire crypto market up with it. After falling back to $3.5 trillion, the total crypto capitalisation exceeded $3.7 trillion. The market needs time to adapt to its current heights.

Meanwhile, the sentiment index was cruising in the greed zone, only once reaching extreme greed. As was the case in mid-December, high sentiment index values intensified selling.

Bitcoin fell below $100K during the week, then approached $110K and smoothly re-emerged at $102K. Sales intensified as the peak of $110K was approached in December and January. However, support has also moved above $100K, meaning market participants are getting used to a six-figure price.

By the FxPro Analyst Team

Regulation: FCA (UK), CySEC (Cyprus), SCB (The Bahamas), FSCA (South Africa)
Tags: Analysis
Stocktwits
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