Bit-comment: Bitcoin chained to $10000

Bears are pulling the rope in their direction again: the Bitcoin price has slipped by more than 3% in the last 24 hours and now the asset is changing hands at $9,750. Bitcoin gets support at the downturns in the area of around 9500, but the sizes of rebounds are getting smaller.

The series of lower local highs formed a kind of resistance line and reflect the fact that sellers are less and less patient in anticipation of a more attractive price. The quotes were again at the 50-day average. It seemed to be a strong support yesterday, but the continuous bearish pressure suggests that there is a good chance that the sell-off will intensify after the decline under MA50 which is currently at 9630. And this may be a signal for a prolonged decline, where the level of $9K may become only the first stop.

However, many observers remain cautiously optimistic, and the current dynamics and even possible further decline are suggested to be considered from the point of view of the possibility to buy a discounted asset before a new growth wave. The news about the launch of BTC delivery futures testing by Bakkt did not have any positive impact on the asset price, but it may be due to the negative background around Libra, and in the future, there will be a second chance for positive impulse.

The FxPro Analyst Team