Bit-comment: Bitcoin stay in indecision above $9000
February 04, 2020 @ 11:40 UTC
Bitcoin has lost more than a per cent over the last 24 hours and changed hands around $9,300. At the moment, the growth trend still alive, and the market stay in indecision. However, the crypto community has already noticed that a similar formation and inability to break through $9,500 pushed the Bitcoin to $6K last November.
The closest important point in case the decline develops seems ta $8,800, where the 200-day average passes. A drop under this mark would erode recent rally attempts.
The Greed and Fear Index is still in the greed zone. The RSI has begun a reasonably sharp decline from top to bottom, which might indicate a reversal. The same thing happened last week and ended with a reversal upwards, so now it is also worth paying attention to the traditional market events and the virus situation. Mitigating the fears around the epidemic and repeal of the stock market may increase the pressure on the crypto market.
The FxPro Analyst Team