Cryptocurrency traders have lately been transacting at a loss, a signal that they are giving up on the bullish rally. Blockchain analytics firm Santiment reported that the ratio of profit to loss has been negative in the past five weeks, a first in that duration. The market's leading asset, Bitcoin (BTC), is currently trading at $27,937.95 and with a slight 0.33% decline in the past 24 hours; its performance in one week stands at a meagre 0.49%. As a result, the asset is currently squeezed in a consolidation zone between $26,552.21 and $28,159.32 and is trading beneath the important nine-day exponential moving average (EMA) line.

Although BTC’s dominance, by market share, increased by a minor 0.17% in the 24-hour period, this ratio is likely to drop further. If BTC closes the current trading session beneath the 9-day EMA line, it could decline to the $27,355.77 support level followed by a further decrease to $26,552.21. Such fluctuations have become an almost expected phenomenon in the cryptocurrency market, as volatile prices have become the norm.

Investors need to be aware that cryptocurrencies, of which Bitcoin is the dominant one, present a risky but potentially profitable option in the market. With prices always fluctuating, traders need to stay abreast of the daily movements to make the most out of their investments. This is why analytical insights are important, as they can provide a better understanding of the market and its reasonable prices, as well as insight into the current and upcoming trends. However, investors must do their own research, as no one factor can guarantee success.



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