Bit-comment: Bitcoin trying to step above $7000

Bitcoin price spiked 9% in the last 24 hours to levels near $6,500. The bulls are trying to push the cryptocurrency above $7K. Passing this level may open doors for further growth and pulled up the whole altcoin market. TOP-10 coins are growing by 3-9%. However, the prices remain far from being able to offset the market crash. The Crypto Fear & Greed Index has grown by several points since yesterday, but so far remains in the zone of “extreme fear”.

No one wants to buy back the “dead cat bounce”, but consistent attempts to get back to growth will increasingly convince market participants that they can return to at least the levels before the collapse. At the moment, futures on major U.S. indices are showing growth, which coincides with the benchmark cryptocurrency direction. Besides, if a reversal of the crypto market coincides with similar events on the stock market, this will be another confirmation of the growing influence of institutional investors on the crypto market.

The FxPro Analyst Team