Bit-comment: Bitcoin has not attract buyers after slide

Bitcoin did not attract buyers above $8,500 that became the main bad news for the entire crypto market. Over the last 24 hours, BTC has lost another 1% and changed hands for $8,400. The maximum rebound point for the past 24 hours was $8,770, and after that, Bitcoin reversed downward. During the day, the trading volume dropped by 35%. Hash rate of the BTC network has practically recovered. And both of these facts create timid hopes that the bulls paused to enter the lower levels.

It turns out that the launch of the next instrument for an investment of institutional investors coincides with the collapse of the market. This fact demoralizes the market participants; now we have to understand to what extent it will affect the prices. Fundamentally, there is no reason to expect a prolonged decline. Meanwhile, the technical picture indicates a breakthrough in several support levels, many of which are new resisting levels. Shortly, the level of $8,700 has already turned out to be beyond the power of buyers, which can continue to undermine the sentiment of investors.

The FxPro Analyst Team