Bit-comment: Bitcoin rebound did not attract massive buyings

Bitcoin’s rebound from levels below 8,000 was short-lived. After a jump to $8,500 the day before, by Wednesday morning the price of the first cryptocurrency declines by 2.3% and trades around $8,200. The top 10 altcoins demonstrate a more significant decrease by 3%-6%.

All this indicates that the market is not ready to consider the current levels as attractive for buying crypto assets. It is likely that buyers lack some signal to buy that would convince them to join the movement.

Technically, BTCUSD remains in the oversold area on the daily charts, according to RSI, although it is already getting closer to levels above 30. Exceeding this mark could be an important signal to end the sell-off, as it was in December last year. However, it should be noted that the Bitcoin bulls had to wait another three months before a powerful rally began.

The FxPro Analyst Team