Bit-comment: Bitcoin’s decline not sparked buyers interest

Bitcoin experienced significant price fluctuations during the weekend, which reached up to $7,800 on November 30. However, by Monday morning the benchmark cryptocurrency had already turned down again and is traded at around $7,200. It is noteworthy that price fluctuations take place against the background of reduced trading volumes.

Possibly that lull was caused by the onset of the holiday season in the US and Europe. However, another reason is more likely. At the moment, the price is out of investors’ focus as it may be too high for buyers and too low for sellers.

Compared to last Monday, the trading volume dropped by 61%. The Bitcoin dominance index remains stable at around 66.5%. The greed and fear index has moved out of the “Extreme Fear” zone, rising to “Fear”. One of the events may harm the price of Bitcoin in the short term. Bakkt’s Bitcoin futures trading platform will launch its non-physical Bitcoin futures on December 9, similar to the CME in December 2017. Crypto community remembers what happened to Bitcoin in December 2017, and now it expects the price to sink to $6K.

The FxPro Analyst Team