Last week the cryptocurrency market plunged by 34%. However, the key support level has been successfully held. Traders are focusing on further dynamics of Bitcoin. The quotes have pulled back. The most popular digital c urrency came off
the low at 3,500 dollars per coin and approached the level of 3,900 dollars. On Saturday Bitcoin plummeted by almost 14%. Some experts predict that the price may test the support level at 3,000 dollars again. Below it there is the death cross pattern which means that the downward trend is to be continued. However, let us shift attention to more traditional trading instruments. The currency market was trading mixed. On Monday the US dollar index opened the American session near the level of 96.70. As soon as the greenback resumed rally, the single European currency retreated from 1.1380 and declined by almost 20 pips. Traders awaited Mario Draghi’s speech. In case his comments were hawkish, they could provide support to the euro. At the same time, the key events will take place later in the week. On Wednesday Fed Chair Jerome Powel will deliver speech, on Thursday the FOMC monetary policy minutes will be released and the G20 summit will start in Argentina. The outcome of these events will influence
the dollars’ movements in the longer term.