Bitcoin will test historical patterns
Bitcoin was down 4.9% on Thursday, ending around $20.7K and trading near $20.8K at the start of the day on Friday. Ethereum lost 6.4% in the last 24 hours, returning to the 1100 area. Altcoins in the top 10 fell in price from 2.9% (BNB) to 8.8% (Polkadot).
Total crypto market capitalisation, according to CoinMarketCap, sank 3.5% overnight to $903bn. Bitcoin’s dominance index fell 0.3 points to 44.0%. The Cryptocurrency Fear and Greed Index was up 2 points to 9 by Friday.
Although we did not see any new intraday lows, Bitcoin closed Thursday with a tenth consecutive day of declines. New lows in stock indices contributed mainly to this.
Bitcoin could be uncharted territory in a few days when historical patterns stop working.
The bearish focus remains on the circular $20,000 level, the former peak of 2017.
