Categories: Crypto Review

Bit-comment: Crypto market received some buyers support after another dip

Bitcoin declined to $7600 on Wednesday morning, where it received some buyers support, as a result, the benchmark cryptocurrency traded above $7,800 by the time of writing. So far, the crypto market price dynamics is pretty tightly following technical analysis.

RSI on the daily charts is worrying, as the indicator dropped to levels near 50. At the end of March and at the end of April, the market was supported by new purchases near these levels. However, usually, a decline in the RSI below 70 is a signal that the growth momentum is lost and a further decline should be expected.

However, so far the waves of corrections rather strongly activate new buyers, which significantly reduces the degree of bears pessimism. Speculators began to quickly lose their pressure impulse, as the whole market braced for new BTC highs.

The FxPro Analyst Team

Our team consists of financial market experts. Our dedicated professionals prepare reviews on the foreign exchange market situation, Crude Oil, Gold and Stock Indices. All the analysts are regularly published in the world leading economic media.

Share
Published by
The FxPro Analyst Team
Tags: Bitcoin

Recent Posts

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

3 days ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

3 days ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

3 days ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

3 days ago

EURGBP Wave Analysis 19 December 2024

- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…

4 days ago

EURJPY Wave Analysis 19 December 2024

- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…

4 days ago

This website uses cookies