Bit-comment: Bitcoin catches a positive sign

During the day, Bitcoin reached a maximum of $36,5K, and at some point in the market there were hopes of trying to take the round psychological and technical level of $ 40K, but the bears entered the scene again, and at the moment they are pushing the first cryptocurrency below $35K. Other top altcoins are also showing moderately negative price action, awaiting further triggers. The Bitcoin Dominance Index rose to 46.2%, indicating another cycle of growth in the influence of the first cryptocurrency on the entire market.

For most fans of technical analysis, the next most important level to observe is the 50-day moving average, which is currently at $ 38.221. Breaking this level could open a straight path to $ 40K. On the other hand, lows around $ 30K have recently been retested and the market has shown that it still has enough bullish power to buy around local dips.

The FxPro analyst team said that this is a positive sign for the market, since the minimum point that activates buyers is now at a fairly high level in the historical perspective. It is likely that in the near future the market will be in a sideways trend in anticipation of new triggers, especially now everyone is interested in the Fed’s position on the stimulus policy that will determine the future of Bitcoin.