Forex. Cryptocurrency Forecast for today.
Bitcoin continued to decline. Now digital gold is consolidating near the level of $41825. The course of trading is influenced by concerns about the pressure on the US stock market, Europe, and the growth of inflation on a global scale. At the same time, the first digital currency is oversold within the weekly perspective, so it is logical to expect a reversal at the end of this week.
The capitalization of the cryptocurrency market by the end of Wednesday amounted to 1.97 trillion US dollars against the same value on Tuesday.
According to the data of the analytical company Arcane Research, the correlation of the bitcoin exchange rate and the S&P 500 index has reached a record high since October 2020. Analysts' research indicates that the 30-day volatility is at its lowest level in more than a year (2.5%), as bitcoin is trading in a narrow range.
According to Arcane Research, bitcoin trading volumes have also dropped to the lowest since July 2021. The greatest activity, 43% of the BTC trading volume, is observed during the opening hours of the American stock market.
Over the month, the cryptocurrency has fallen in price by 10%, and its capitalization has decreased to $ 795 billion. In early November 2021, the value of bitcoin updated its historical maximum above $69 thousand. Since then, the asset has fallen in price by almost 40%.