Bit-comment: Bitcoin growth stalled around $8,000

Over the past 24 hours, Bitcoin shows almost zero dynamics. Daily trading volumes reached a new record of $34 billion yesterday. Bitcoin growth stalled around $8,000, pressing the momentum of the altcoin market. At the same time, it is worth noting that this is only a pause in growth and not a reversal to a decline. The bears could not push the benchmark cryptocurrency below $7,700. The BTC dominance index fell from 60.5% on May 14 to 58%, giving up part of the rally to the altcoins. Google Trends confirms FOMO (fear of missed opportunities) of retail investors with a surge of search queries on the subject of buying Bitcoin. It is likely that the market has just begun to warm up, and the return of Bitcoin and the cryptocurrency market to the focus of retail investors is fully capable of initiating a much longer rally than what we have seen so far. The “stops” occur at round levels ($6,000, $7,000, $8,000), and this speaks of the technical features of the dynamics, not reflecting the change of moods.

The FxPro Analyst Team