Highlights of the storyBitcoin prices have slightly increased as it has returned to levels above $28000, while a bearish cloud continues to envelop the cryptocurrency sector.In addition, seemingly confused counterfeit coins are expected to reach their main support levels before being promoted to the next stop
Highlights of the story
- Bitcoin prices have slightly increased as it has returned to levels above $28000, while a bearish cloud continues to envelop the cryptocurrency sector.
- In addition, seemingly confused counterfeit coins are expected to reach their main support levels before being promoted to the next stop.
The cryptocurrency market seems to be recovering from the losses of the past few days, as star cryptocurrencies have successfully broken through $28000 in some way. Through a reasonable increase of nearly 4%, BTC prices have maintained a firm bearish trend, thus avoiding significant losses in the entire cryptocurrency sector. However, the question remains whether bulls have strengthened their positions, or whether this is just a fad.
The recent price rebound has led to a sharp increase in Bitcoin's social dominance, while its dominance in the market continues to decline. In addition, the main counterfeit currencies continue to decline, causing many concerns.
Usually, when the market is buoyant, there is a high degree of dominance, but in this case, it seems to be driven by fear. The above figure shows the increasing social dominance of BTC, which means that traders seem to have become more disoriented and constantly seeking information about cryptocurrencies and their next action plans. Therefore, a rebound seems imminent.
Emotions have now become somewhat bearish, and these emotions may have a negative impact on prices. In addition, the upcoming FOMC meeting may also trigger significant fluctuations in the field. Therefore, the possibility of Bitcoin (BTC) prices maintaining a consolidated downward trend seems high.
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