Bit-comment: Bitcoin recover some losses but still below 10K

Over the past day, Bitcoin adds almost 3%, changing hands above $9,700. Although BTCUSD remains under the 50-day moving average, the fact that it was possible to avoid the increase in sales, allows us to hope that there may still be enough buyers on the market trying to catch Bitcoin on the dips.

Together with the benchmark cryptocurrency, the entire altcoin market also grows. On the one hand, the news about the new rebound is very encouraging, on the other hand, we may face another wave of uncertainty above the round level. It’s too early to talk about a trend reversal; it is necessary for Bitcoin to confidently surpass the next important $11K mark in order to instil in market participants hope for the start of a new growth impulse. The news around Libra is increasingly pointing to very dim prospects for the project. Facebook management is no longer sure that the launch of Libra will be worth the effort. Well, the failure of the Facebook cryptocurrency will only strengthen the position of Bitcoin, which simply does not have a “place of registration”.

The FxPro Analyst Team