Bitcoin is trading at $26.3K, its lowest level since March 17, losing over 15% from its peak last month. The local technical pattern offers little reason for optimism. Bitcoin fell well below its 50-day moving average at the beginning of the week. By the end of Thursday, it was below $27.5K, the support line for the last two months. Friday’s early morning drop took BTCUSD below the 61.8% Fibonacci correction level from the rally off the March lows. In other words, we see more than just a correction of this latest growth impulse.
The cryptocurrency market capitalisation is marginally lower by 0.1% compared to 24 hours ago, recovering from a 2% drop at the end of the previous day. The Cryptocurrency Fear and Greed Index dropped 3 points overnight to 61 but remained at the Geed territory. Most of the top ten cryptocurrencies are losing ground over the last day, while Bitcoin and XRP are slightly gaining.