Bit-comment: Bitcoin has stuck one step from 10K
February 07, 2020 @ 12:00 UTC
Bitcoins stormed the upper limits of $9K overnight. Having received its first rebuff at $9,700, which pushed the benchmark cryptocurrency back to $9,500, by Thursday evening Bitcoin got another try. There was a powerful growth impulse to $9,800, where coin again faced fierce resistance, with some tag of war around this level still exists on Friday morning.
At this point, we’re witnessing the fight for the $10K threshold. This is the most important psychological and technical level for all market participants. A confident breakthrough of this level will open new opportunities for buyers, and $10K is considered a “FOMO-trigger”. The Greed and Fear index has dropped five points overnight, but still in “greed” mode. The bitcoin will likely consolidate around the current levels for some time, but the longer the coin doesn’t show a breakthrough, the higher the chance of sale-off start.
The FxPro Analyst Team