Bitcoin is trying to find a balance at around $8K while added about 1% over the last 24h. It is a slight bounce after the deep sell-off the day before, which is alarming. The good news, however, is that the market has stopped the decline for a while, at least. If Bitcoin remains in the consolidation zone for at least a few days, we can speak with more confidence about the formation of a local minimum.
Meanwhile, the Crypto Fear & Greed Index is in the “extreme fear” zone. RSI index is near the oversold territory. Technical indicators fully reflect what is happening in the market.
At the moment, the focus is not on cryptocurrencies. What is happening with oil, currencies of developing countries and the epidemic is crucial for institutional investors. In the context of Bitcoin, it is worth watching the situation in traditional markets. Undoubtedly, soft monetary policy, ultra-low interest rates and subsequent depreciation of national currencies may attract demand for cryptocurrencies in the future. However, the collapse of the traditional market is likely to drive the crypto market decline as well.
The FxPro Analyst Team
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