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Bit-comment: Crypto market corrects after recent rally

After a few days of active growth, the crypto market shows signs of cautious profit-taking. During the last 24 hours, Bitcoins lost about a per cent and changing hands for $8,650. According to Whale Alert, on the night of January 16, 123,447 BTC ($1.1 billion) of bitcoins moved from one unknown wallet to another.

Besides, significant amounts of coins were moving towards the stock exchanges, that may be a signal that some players are ready to take profits after the recent rally. If so, it is an important sign that the market participants see levels below $9,000 as attractive enough for sale. On the other hand, BTCUSD has exceeded the 200-day average and is still above it, highlighting a possible trend reversal.

As for the altcoins, as expected, the most significant decline is seen in the Bitcoin SV (-21%), after almost four times the price increase in less than a week. Other altcoins are losing less, but they were growing more modestly as well.

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The FxPro Analyst Team


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