Bit-comment: Bitcoin does not keep up with the altcoin’s rebound

On the crypto market, we are witnessing quite a rare phenomenon when altcoins bounce back 5-18% after the slump, while Bitcoin barely started to grow. At the moment, the benchmark cryptocurrency is trading at around $9,800. The minimum point was at $9,500, where Bitcoin got the support of the buyers. However, it was not so impressive, as BTC failed to return above the threshold $10K level.

Crypto Fear & Greed Index rose by four points over the last 24 hours, though it remains in the “neutral” zone. The RSI halted its decline from the overbought territory. So far, the altcoin season is still in question.

Judging by the sharp jump in volatility, market participants suggest that all this may be an attempt of “whales” to squeeze out the weakest traders. Besides, the negative sentiment may have been affected by the statement of US Treasury Secretary Mnuchin on significant changes in the regulation of the crypto sector.

The FxPro Analyst Team