Bit-comment: Bitcoin’s dynamic tilted to fear

Bitcoin shows almost zero price dynamics during the last 24 hours and trades around $8,800. The index of greed and fear shifts towards fear, to the 38. The direct decline indicates the prevalence of negative dynamics, but for traders, it is also a sign of the approaching point to reversal for growth.

Meanwhile, the Bitcoin dominance index sank to 66%. At the moment the index is at the level of April 2017, when the era of demand for altcoins began. Many investors would like to see a repeat of those times. However, the truth is that Bitcoin is still the main focus of attention at the moment, and a significant part of the market infrastructure is building around it.

In January 2020 CME is going to launch Bitcoin options. The Bakkt platform has been licensed by NYDFS to provide custodial services to institutional investors around the world. Such news more and more often cause fears among crypto-enthusiasts, as so far institutional money was more likely to prevent Bitcoin from growth. Negative impact of professionals was related to the launch of futures a few years ago; it seemed to have happened more than once in the recent past.

The FxPro Analyst Team