Reading time: ~2 m
For the past seven weeks in a row, the value of bitcoin has been declining. Despite small and short-term rebounds, sellers do not allow the coin to change fundamental positions.
According to Bloomberg, we are seeing the longest correction since 2011.
Today, during the Asian session, BTC rebounded above $ 30,000, but soon it sank again below this psychological mark. At the time of publication of this review, the cryptocurrency was trading around $ 29,768.
Altcoins on Wednesday, May 25, are traded in different directions. Ether (ETH) and Binance Coin (BNB) strengthened by about 2% to $1982 and $331 respectively. Solana (SOL), Dogecoin (DOGE) and Avalanche (AVAX), by contrast, are all in retreat. These coins lost just over 1% in value and fell to $49.5, $0.083 and $28.6. The capitalization of the crypto market fell to $ 1.274 trillion.
According to Fundstrat strategist Mark Newton, in the coming days or even weeks, the bearish trend in the cryptosphere will be dominant if the stock market does not get out of the red zone.
BTC’s dependence on the S&P 500 indicator remains stylish, and it is unlikely that the cryptocurrency will be able to become an independent asset as long as the Federal Reserve adheres to a hard rate.
#Bitcoin #suffering #losses #weeks