Bit-comment: Bitcoin bears hold an upper hand
May 22, 2020 @ 11:38 +03:00
The bears won a tug-of-war game at this stage, pushing down the bitcoin and the entire altcoin market. Bitcoin loses 5% over the last 24 hours and trades slightly above $9K. Nevertheless, there are some decisive moments. The price decrease took place with an insignificant increase in trading volumes. Besides, right after the dive below $9K, bitcoin got the support of buyers, that bumped the price above $9,100.
With the price near the $9K for bitcoin may be too high for buyers and too low for sellers. The Crypto Fear & Greed Index fell by 7 points, switching back to “fear” mode. The RSI for the BTCUSD pair has moved down but is still in the neutral zone. Technical indicators and sentiment indicate that investors are waiting for new triggers. While the direction of the price chart may turn to either side, the longer the bitcoin shows the inability to grow, the higher the probability of further selling out.
The FxPro Analyst Team