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Bitcoin failed to re-overcome $ 40K threshold

Bitcoin was unable to re-overcome the $ 40K threshold, remaining within the corrective scenario. However, the support level near $ 35K has not been broken, and crypto market participants are not showing panic. After impressive growth in October-January, the benchmark cryptocurrency needs consolidation. Price fluctuations $ 33K- $ 40K fit well into the mass perception of the acceptable range of fluctuations for a given market. On the other hand, the sharp bullish momentum is paused. The total capitalization of the cryptocurrency market is holding just above $ 1 trillion, periodically falling below this level due to waves of corrections. However, the market is hovering around an all-time high that could not be set even during the rally at the end of 2017. Another positive sign is the decline in the greed and fear index for Bitcoin and the largest cryptocurrencies. Since last week, the index has dropped 11 points to the value of “79”, which, although it still corresponds to the “extreme greed” regime, is still much closer to neutral level. The RSI on daily charts has moved out of the overbought zone, reflecting the neutral values. Biden’s approval of a new stimulus package of $ 1.9 trillion. can also be viewed by market participants as a catalyst for the growth of Bitcoin and the market as a whole. The global economy and the situation around the coronavirus are not conducive to a return to growth rails, so investors may pay more attention to cryptocurrencies as a means to diversify their investments.In early 2021, special attention will be paid to the resumption of investments from the side of big capital, as well as PayPal and other large companies that have announced their interest in the crypto market. In addition, a violent price rally risks drawing the attention of regulators to the sector again, primarily in the United States. As we can see from the example of XRP, lawsuits from the SEC can put an end to any cryptocurrency, no matter how promising its technologies are. ______________ Alexander Kuptsikevich, Lead Analyst, FxPro

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