Bit-comment: Bitcoin jumped to upper trading range bound

Bitcoin jumped up Thursday evening, adding 6% to $7,550 over the last 24 hours. The trading volume of the Bitcoin network increased by 25%, which further strengthens the basis for the growth. At the same time, Crypto Fear & Greed Index barely grew (+1 point), which may indicate the need to be cautious in assessing yesterday’s jump. The RSI on the daily chart for BTCUSD also showed some increase following the price. Altcoins supported the first cryptocurrency, adding 3-11% within the TOP-10 coins.

Yesterday’s return of the bitcoin above $7K coincided with oil bounce and stock market growth. However, today the price dynamics of the first cryptocurrency is on the contrary with the stock market. The price of bitcoin will likely be affected by internal factors, the main of which is the approaching halving, which will occur in 18 days.

The FxPro Analyst Team