The Bitcoin showed that cryptocurrency has a margin of safety and that buyers are ready to support the coin at local minimums. The digital asset stalled at around $7,000 for some time, but then the BTC made a sharp shoot up. At the moment the coin is trying to consolidate above $8,000. At night, the BTC reached $8,250, but at this level again faced the pressure of bears, which threw it to the threshold level. Apparently, $8000 will become a kind of the intermediate point, defining the mid-term prospects of the first cryptocurrency and the entire altcoin market as a whole. Positive news trigger may well activate buyers, reinforcing FOMO.
The news around Bakkt, which is very close to launching its bitcoin futures contract, may become a necessary trigger. Conversely, a too long struggle for this level and the inability to grow further will lead to a correction, as in the past. What does not grow, then falls.
The FxPro Analyst Team
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