Bit-comment: BTC trapped in a narrow range
February 24, 2020 @ 16:39 UTC
Are we dealing with a pause before a confident and conscious rise above the 10K threshold or a lull before a major sale? This question is of concern to most investors in Bitcoin and other cryptocurrencies. Over the weekend, BTC was trapped in a narrow range, bumping into a sale at $9,800 and declining to $9500 by the beginning of the new working week. Hardly anyone is excited by the dynamic at the moment after several unsuccessful attempts by Bitcoin to break above $10,500.
The Crypto Fear & Greed Index is in “fear” mode, fully reflecting the market sentiment. Not just crypto. The RSI is also in a neutral zone. Indicators point to the uncertainty that market participants are currently experiencing. At the beginning of the working week, the direction of the cryptomarket may become certain with the return to its terminals of institutional investors.
The FxPro Analyst Team