Today, the cryptocurrency market is in a limited range and is colored red, since most digital assets tend to decline. The cost of bitcoin is more or less controlled by supply and demand. The market lacks news, probably due to the start of the Christmas season.
Bitcoin is currently valued at $ 3,437, which is 0.75% lower than yesterday. Above this value, the BTC encounters resistance at the level of a simple moving average SMA50 (1-hour range). The next important resistance is at $ 3,500. Next, upward movement will face an obstacle at the level of $ 3,600 (last week’s resistance).
The Relative Strength Index (RSI) is sinking to the bottom in the direction of oversold, as bears are fighting to push the price down. DMI retreated from the lows reached during Asian trading today. The downward trend is likely to continue throughout the session on Thursday and will even test support at $ 3,300.
What do you think about the situation in the cryptocurrency market?
