Cryptocurrency Market Cap Jumps $1.5 Trillion, Bitcoin Not as Hot as Ether!

How will cryptocurrencies perform in the future? In the case of Bitcoin, for example, as seen in Figure 5, the cryptocurrency is currently down to the 38.2% Fibonacci retracement level and has hit its 55-week moving average (55-week moving averages have sometimes provided a floor for sell-offs in the past again) and may be due for a rebound.

It is reported that the Fibonacci retracement (Fibonacci retracement) is a technical analysis method used to determine support and resistance levels. Based on the theory that when the price moves in one direction, its retracement in the opposite direction will be blocked at a predictable level, and then the price will resume its original direction of operation, and the 38.2% Fibonacci retracement corresponds to a price level of about $44,100 for bitcoin, studying the rebound range from the March 2020 trough to the November 2021 peak.