Bit-comment: Bitcoin dipped under 8K

Bitcoin has sagged more than 2% in the last 24 hours and sank under $8K and major signal line MA200. Throughout the day, the price dynamics of Bitcoin was plenty diverse and sharp. At some moments buyers came on the scene, creating a momentum closer to $8,200, but the cryptocurrency was always rolling down. Despite all the obvious drama of the struggle, the trading volume remained almost unchanged at around $20 billion. Apparently, neither sellers nor buyers are not sure about the future prospects of the coin, so they froze in indecision.

Institutional investors from Bakkt and CME will probably help to move the market from the dead point. At some moments, the dynamics of altcoins and the benchmark cryptocurrency diverged in different directions, but by Thursday morning everything was going down together and on the same scale. The Bitcoin dominance index remains at 65.9%. The greed and fear index shows “Fear” at 30. The lower this value is, the stronger the fears of market participants are, the bigger is the sale, but also the moment of probable market reversal is potentially closer.

The FxPro Analyst Team