Bit-comment: Bitcoin caught on $9000, but has difficults with growth

Bitcoin shows almost zero change in price in the last 24 hours, and this is both good and bad news for the crypto market. On the one hand, the benchmark cryptocurrency managed to cling to $9,000. On the other hand, the lack of price growth usually ends with a sale.

The Crypto Fear & Greed Index climbed by several points in the last 24 hours, remaining in the “fear” area. The RSI for the BTCUSD pair on the daily chart indicates that it is in the overbought area, which may indicate an increase of selling pressure in the short term. There are less than 6 days left till halving, and the attitude of the crypto market participants to this event is still quite optimistic. It is commonly thought that a decrease in the award will lead to the fact that the miners, being the largest force of influence on the market, will limit the appearance and circulation of new bitcoins in such a format that an artificial deficit will lead to an increase in coin value. Well, it sounds like a plan, but it is worth considering another force of influence – institutional investors, whose actions in this situation is still difficult to predict.

The FxPro Analyst Team