Bit-comment: Bitcoin struck near $8800, risking to sink lower
March 04, 2020 @ 11:09 +03:00
Over the last 24 hours, Bitcoin shows virtually zero dynamics and trades around $8,800. During the week, the benchmark cryptocurrency fluctuates somewhat near the current levels.
Usually, side trends turn out to be a bad sign for the crypto market, where the rule “what doesn’t grow, dies” worked well recently.
In this case, a lot may depend on the situation in the traditional financial market.
The easing of the epidemic and the growing demand for risk assets may well contribute to strengthening purchases of Bitcoin, which will pull up the rest of the crypto market. The Crypto Fear & Greed Index has grown by several points over the last 24 hours, indicating a slight relief. The RSI index on the daily chart is in a neutral position. All market participants are waiting for new triggers, and now Bitcoin is highly dependent on the development of the situation in traditional risk markets.
The FxPro Analyst Team