Bit-comment: Bitcoin stumbled but quickly recovered

In the last 24 hours Bitcoin faced pressure around $7,400, dipping to $7,150, but soon returned above $7,300. BTCUSD got support at reduced trading volumes, which may indicate that the recovery is fragile. The Bitcoin Greed and Fear index grew one point overnight, but still in the “extreme fear” zone. The RSI has moved up, but the basis for this price dynamics is still fragile.

Bitcoin Dominance Index fell to 64%, that can be considered a positive sign for the crypto market in general. Investors are buying not only the benchmark coin but also altcoins.

Crypto market participants expect new triggers, especially from the epidemic situation and the stock market reaction to these events.

The FxPro Analyst Team