Bit-comment: Crypto market comes to life

Bitcoin wakes up after declining over the weekend and at the beginning of a new work week. Over the past 24 hours, the first cryptocurrency bounced back from recent lows to around $7,100 in the middle of the European session. Positive dynamic means that buyers supported the benchmark cryptocurrency.

The darkest scenarios have not been realised yet; however, the rebound impulse may quickly run out. Fundamentally, there is little support for Bitcoin and the crypto market as a whole. Altcoins are trying to keep up with Bitcoin, but even after the rebound the prospects are not overly optimistic: we are still witnessing the new lows.

Bitcoin’s greed and fear index bounced back slightly upwards but is still in the “Extreme Fear” zone, which may indicate that there is a buyer’s potential after the Bitcoin proves its intention to turn upwards, which is why it needs to stay at the current levels for some time.

The FxPro Analyst Team