Bit-comment: Bitcoin in downtrend, despite some rebound

Bitcoin grew more than 2% over the last 24 hours to $6,900. But the daily candlesticks reflect the downward trend since last week, and the mini-rebound of the previous few hours takes place along with lower trading volumes. The Crypto Fear & Greed Index rose by 4 points, remaining in the “extreme fear” area. All this did not prevent to set a record for the volume of one transaction in dollar terms.

The Bitfinex crypto exchange moved 161,500 BTC (about $1.1 billion) between its wallets. The commission for this transaction was less than a $1. It is hard to imagine a more impressive advertisement for the crypto sector over the traditional banking system. However, exchange rate fluctuations prevent Bitcoin from becoming a standard mean of payment. Moreover, the trend towards the weakening of bitcoin is taking place against the optimism recovery in stock markets (primarily in China) and the renewal of seven-year highs for gold.

The FxPro Analyst Team