Bitcoin prolonged its correction from the recent all-time highs, dragged by the panic unleashed in world markets due to the new variant of Covid-19 detected in South Africa with “numerous mutations”. After being anchored all week between $ 55,500 and $ 60,000, the largest cryptocurrency by market capitalization has fallen to lows since the beginning of October has tested important support levels. And the altcoins, raffled similar moments.
“Market sentiment has become fearful,” said Alejandro Zala, Bitpanda’s country manager, “with large price gaps up and down as the market liquidated millions of long and short positions due to volatility.” The global capitalization of the crypto market dropped to $ 2.4 trillion, up from $ 2.8 trillion last week.
Bitcoin is down about $ 15,000 from its all-time high, and “after the initial drop from the ascending channel pattern, it has been trading mostly sideways.” Zala explained. The Crypto Fear & Greed Index is around 40 points, about 10 less than a week ago. “The index suggests that market participants are in ‘fear mode’, which some traders see as a counter sign: at this point, buyers who exited when greed was at extreme levels gradually tend to return to the market,” indicates.
Source From: Ambito
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