The Bitcoin's fence and return of excitement to the crypto

Cryptocurrencies bring back a somewhat forgotten sense of excitement to the market move. Altcoins showed a sudden surge at the start of the week, while Bitcoin - declined. Now the entire company is growing, while Ethereum shows the most significant impulse. And all this in a few days. At the same time, the first cryptocurrency shows no trend, causing more and more confusion. When the instrument grows and declines day after day from the same levels, in trading, it is called "fence".

Bitcoin first declined below $9,600 at one point yesterday, but buyers supported it, returning to the old price range. The sharp decline caused the elimination of long positions on the BitMEX crypto exchange. According to the Skew, an analytics company, there was closed positions by $150 million on this exchange alone. By Friday morning Bitcoin changes hands for $10,200.


It seems that the interested parties do not let the Bitcoin decline, using the price dips to buy it cheaper. Big money often plays against the market in this way. Nowadays, large insiders or funds may well use in their favour the disappointment of retail investors with the lack of rapid growth. 

Technical analysis gives an idea more often about short-term and long-term dynamics. However, the mid-term picture is often very vague; just in these periods, the market can be the most unpredictable. The general sentiment in the market points to the long-term prospects of Bitcoin growth. Although, in the next few months, we can see a sharp decline, and it is likely may become the most inopportune moment.

Bitcoin's narrow sideways trend does not interfere with the growth of hash rate at all. The computational power of the network exceeded the round mark of 100 EH/s. Miners now look like the most optimistic market players.

The brightest spot in the altcoin market is Ethereum (ETH), which has grown by 20% over the week and is now changing hands for $218. More importantly, the leading altcoin does not show signs of a weakening of the momentum. ETH grew both due to technical changes increase the total network capacity by 25% and to the overall turnaround of the trend on altcoins. The approaching zero phase of Ethereum 2.0, which is due to start in January 2020, also helps Ethereum.


Judging by the increase in prices, market participants decided to use low price levels to increase the theoretical chances for the maximum number of alternative coins. And this is perhaps the most inspiring signal of the market cryptocurrency in recent weeks.

FxPro UK Limited is authorised and regulated by the Financial Services Authority, registration number 509956. CFDs are leveraged products that incur a high level of risk and it is possible to lose all your capital invested. Please ensure that you understand the risks involved and seek independent advice if necessary.

Disclaimer: This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. FxPro does not take into account your personal investment objectives or financial situation. FxPro makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any employee of FxPro, a third party or otherwise. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of FxPro. This communication must not be reproduced or further distributed without the prior permission of FxPro. Risk Warning: CFDs, which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Seek independent advice if necessary. FxPro Financial Services Ltd is authorised and regulated by the CySEC (licence no. 078/07) and FxPro UK Limited is authorised and regulated by the Financial Services Authority, Number 509956.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Flat, Cryptocurrencies on a Positive Tone

Cryptocurrencies were slightly positive during the last 24 hours, except for Bitcoin, who failed to cross the $8,300 level and created a large candle down to $8.150, tho, then, move back to the $8,200 range. 

More Bitcoin News

Ripple price analysis: XRP/USD grinds to a halt ahead triangle breakout

Ripple performance in October has been relatively better compared to other major digital currencies. The world’s third-largest crypto is stepped above $0.30 last week but failed in sustaining gains towards $0.31.

More Ripple News

Ethereum market update: ETH/USD slips back inside the range, $180.00 still out of reach

ETH/USD hit $178.28 on Monday and retreated to $174.57 by press time. The second-largest coin is moving inside a tight range amid slow trading activity in sync with the market. 

More Ethereum News

NEO price analysis: NEO/USD on recovery track, still below critical resistance of $7.80

NEO, currently the 21st largest coin with the total market value of $527 million, has gained about 1.7% in recent 24 hours to trade at $7.5 at the time of writing. Since the beginning of Tuesday, NEO/USD has gained about 1%.

More NEO News


Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast