Today, cryptocurrency market sentiment is definitely weakening, with Bitcoin failing to hold above $35,000 and currently trading at $34,700. Bitcoin's slight 1.5% decline today is accompanied by the strengthening of the US dollar, which has also historically put significant pressure on the price of the largest of the cryptocurrencies. At the same time, however, as long as BTC is above $33,000 we can talk about a dynamic uptrend although today's declines may turn into a slightly larger correction looking at the scale of unrealized gains currently recorded by short-term investors known for their high speculative activity. One of the strongest losing projects today is The Graph, which is trading at a 13% correction of recent dynamic increases.
Charts (Bitcoin, Graph)
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GRAPH recorded a massive near-100% increase in price relative to the second half of October and began a correction of the upward movement falling from euphoric peaks at $0.13 per token. Currently, the structure indicates a possible test of further bullish momentum around the 38.2 Fibo retracement of the upward wave from October and the SMA200, which runs around $0.12. Source: xStation5
Bitcoin maintains an upward 1:1 rally structure similar to that of March 2023 when the banking sector was in trouble. An important and necessary support for the entire movement is the $31,000 level where we see both the SMA200 (red line) and the 23.6 Fibonacci retracement of the upward wave from the fall of 2022. This level is likely to be very important to watch in the scenario of a deeper, about 10% price correction after the October rally. Source: xStation5
Bitcoin is slipping below $35,000 as the dollar index contracts (USDIDX, gold chart) record a dynamic rally. Source: xStation5
