Sluggish Crypto Decline – Action Forex
Market Picture
The crypto market has been sluggishly declining since the end of last week, pulling back 0.8% in the last 24 hours to $3.19 trillion. This is marginally higher than levels a week earlier, but we see the market stabilising at a lower level compared to January. The $3.3 trillion capitalisation level is acting as resistance where sellers are taking the initiative.
Trading volumes have pulled back to levels we saw prior to last November as the sentiment index drops from greed to the borderline territory between fear and neutral.
Bitcoin has been moving almost strictly horizontally since the 5th of February, hovering near $95,000 for most of the time. This is below the 50-day moving average, breaking the upward trend….
