This Thursday bitcoin recovers part of the falls of Wednesday, when the creation of Satoshi Nakamoto came to yield 5% according to some indicators of the main exchange platforms. The most traded of the crypto currencies remains encapsulated in a trading range between a support around $ 56,000, while resistance remains the all-time highs near $ 62,000, which many analysts call consolidation before starting a new bullish momentum. All in all, the sentiment is bearish and has even fallen to a 2021 low.
The cryptocurrency market as a whole has also suffered a short-term correction, which has brought its capitalization below 1.8 trillion, in a decline after the milestone of more than 2 trillion reached at the beginning of April. However, it has managed to stabilize around 1.9 trillion again this Thursday. Red dominates in all ‘altcoins’, with ethereum, which remains under the focus of all operators after the support of billionaire Mark Cuban, who said that it would “dwarf” bitcoin itself, holding above $ 2,000, after its all-time high of $ 2,144 last Saturday.
However, the market behavior is part of a healthy rectification of the upward race of the rest of alternative currencies to the creation of Satoshi Nakamoto – hence the nickname ‘altcoins’ – has coincided with a fall in volatility in the most traded of cryptocurrencies, which is around 56%. The dominance of bitcoin is 55.5%, compared to 73% at the beginning of the year, a trend that coincides with the decline in optimism among operators, which the analysis company Santiment places in a record drop so far this year .
However, as reported by ‘CoinTelegraph’, other analytics platforms show a less convincing change. For example, cryptocurrency predictive data platform Augmento sees sentiment slide from “bullish” to “slightly bearish.” Alternative Crypto’s fear index, meanwhile, is showing almost no change, with the counter still clearly anchored at “bullish.”
All this when bitcoin landed almost 24 hours ago at the control level of $ 56,000, despite recovering above 57,000 ‘greenbacks’. Quantum Economics founder Mati Greenspan notes that the drop “took place at relatively low volumes.”
He also notes that bitcoin miners seem not to have noticed the drop with the network’s hash rate reaching a new all-time high of 179 million exahashes and adds that “miners are hoarding bitcoins right now instead of selling them to the market.” . This is often taken as a sign that higher prices are expected.