With stocks rally, investors forgot about crypto
June 10, 2020 @ 13:10 +03:00
The activity on traditional financial markets seems to have diverted the attention of investors and traders away from cryptocurrencies. Bitcoin trades around $9,800, rising slightly overnight with stable trading volumes of around $22 bln. Bitcoin’s daily charts show an upward trend with higher intraday lows. However, the bulls have not yet managed to break through the glass ceiling at $10,000.
The Crypto Fear & Greed Index has remained in the neutral zone since last week, also indicating that the market participants are expecting further triggers. In this situation, neither sellers nor buyers want to be the first to retreat. Bitcoin is gaining support very actively after the bears attempted to intensify a downward momentum. At the moment it is possible to enjoy for some time a relatively stable (by crypto market standards) price, which in theory should contribute to the growth of using the coin as a means of payment. At the same time, one should not forget about the underwater flows: the miners sell the previously mined coins on the approach of $10K, and investors bet on the cut of the bitcoin “supply” after halving.
The FxPro Analyst Team