Analytics / Forex and Crypto News
It seems that the three-day bullish rally of Bitcoin, during which he was able to reach the $10000 mark, has ended. On Friday, the BTC/USD pair changed the movement. During the Asian session, the pair declined to the $9200 area, but then recovered to the $9470 area.
Bitcoin began to decline along with futures on US stocks. The decline occurred after the Fed announced a weak economic growth in the US economy, a growing rate of jobless claims, and a possible trade war between the US and China. A drop in Bitcoin was expected, as gloomy expectations began on Wednesday after a speech by Federal Reserve Chairman Jerome Powell. Weak US unemployment data also put pressure on Bitcoin. On the other hand, the Dow Jones, S&P 500, and Nasdaq Composite also showed a decline.
From a technical point of view, the three-day rally of Bitcoin allowed traders to get short-term profit, as the price of Bitcoin showed an increase of 14%. Also, Bitcoin has reached a psychological mark of $10000, where sellers' moods are strengthening. When this mark is reached, sellers try to sell the previously purchased Bitcoins to cover their losses, knowing that the $10000 mark remains insurmountable and a rollback will follow.
Today's recovery from a low of $9226 was due to buying sentiment, which helped the BTC/USD pair recover to the area of $9400- $9500.
Bitcoin still lacks volumes when trying to break the $10000 mark and gain a foothold above it. To maintain an uptrend, Bitcoin needs to stay above $9500. However, movement below this level may lead to a decline in the area of $8000.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov