Bit-comment: Bitcoin stick to $8000 level for 9th session
October 09, 2019 @ 12:27 UTC
No matter how much the market participants fear a new sideways trend in Bitcoin, we are now seeing signs of this forming. For about two weeks, the price of Bitcoin was almost the same as it is now. During the last day, the first cryptocurrency loses about a per cent and trades at $8,150. The flat trend may be rather bad news for the benchmark cryptocurrency. In this scenario, we get stabilization of the rate after the drop. It’s only a matter of time before investors get tired of seeing a consistent decline and again prefer to sell some of their crypto assets.
Even the current local lows are not an obstacle to making a profit as many current sellers had invested in Bitcoin when it was much cheaper.
While the crypto market practically does not generate good news now, the Telegram blockchain launch may get more attention. This team makes it clear that the project is almost ready. The general enthusiasm around the successful start of the long-awaited project may give a positive impulse for the whole crypto market.
The FxPro Analyst Team