Crypto fails to bounce off the bottom

Market picture

The cryptocurrency market failed to move significantly from the previous day's levels, losing 0.5% to $2.07 trillion. Crypto followed the stock market but was noticeably weaker. Smooth growth during the day was wiped out by a late sell-off, taking capitalisation back to the local lows of recent days. Sentiment in the crypto market remains in the fear zone, with the index at 34 (+5 for the day).

Bitcoin approached $61K on Thursday, buoyed by hopes that the equity market would be able to digest the fall in Nvidia shares. However, a sell-off in the second half of the session showed that the bears were in control and the breakout was false. In early trading on Friday, BTC rolled back to $58.8K, an area of lows since August 28th.

The technical picture didn't change much during the day: the ability to consolidate above $60K will open the way for sustained buying, while a sustained dip below $59K will accelerate selling. There could be many false signals between these levels.

News background

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The TON team fixed the second blockchain outage in 24 hours. The outage was apparently caused by the heavy load associated with the DOGS meme token issue.