Bit-comment: Bitcoin’s inability to grow
October 31, 2019 @ 13:25 +03:00
Over the past 24 hours, the BTC has lost about a per cent and changed hands for $9,200. Bitcoin again shows signs of inability to develop growth, stuck around $9K. Market participants are most concerned about whether this is the beginning of another sideways trend or essential step ahead.
Investors have a very negative attitude to the long sideways trends, as in the crypto market, it often means that the drop-down is approaching. The last time exactly this scenario was played out, but the buyers supported Bitcoin around $7,500.
Meantime, it will be prematurely to call current dynamic disappointing. The BTCUSD price remains above 50 and 200-day averages. Both of these lines were crucial indicators of the trend for the upcoming months. If the price climbed above with the sharp movement, or there was a slowdown near these levels, it attracted additional buyers, forming as a result of upward momentum.
The FxPro Analyst Team