Bitcoin clung to a $6,700 level over the last three days, little changed over the previous 24 hours. After the collapse on March 13, the BTCUSD charts show a daily rise in intraday lows, which is a bull sign. The Bitcoin Dominance Index rose to 65.6%. The Crypto Fear & Greed Index slipped a few points a day towards even more “extreme fears”. RSI is still in the neutral zone.
Despite the signs of future growth, it is still easy to see the hesitancy of the buyers. As long as the Fed fills the world with dollars and many governments approve stimulus packages, the economic situation is deteriorating daily. And these are just the first signals of impending problems. Of course, this may affect investor sentiment and prospects for the crypto market.
We have repeatedly seen Bitcoin breaking many support levels. Often, such negative price dynamics happened just after long sideways trends or periods of indecisive growth.
The FxPro Analyst Team
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