FX.co ★ Bitcoin analysis for 03/11/2017

With the aggressive growth of Bitcoin above the $ 7,000 level, the total capitalization of the market for the first time in history was over $ 200 billion. It is impossible to hide that Bitcoin is largely responsible for it. The value of the BTC market is more than 60% of the value of the entire cryptocurrency market.

At the beginning of 2017, the total value of the cryptocurrency market was only $ 18 billion. This represents more than eleven times the market value in just 10 months. This impressive growth is due to the ever-increasing popularity of Bitcoin and the slow but systematic adaptation of blockchain technology by large and well-known institutions and governments of various countries.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market extended the rally in the last wave (iii) and made a new all-time high at the level of $7,476. Nevertheless, the corrective cycle of the wave (iv) will come soon and the first target for the correction is the level of $7,000. The larger time frame trend is still up, but the market conditions are extremely overbought.