Bit-comment: Crypto markets wait for signals from the outside

At the beginning of the working week, Bitcoin is showing bounce attempts from bottom to top. In the last 24 hours, BTC has grown by 1% and traded again around $8,700. However, earlier on Sunday, BTCUSD already attempted to bounce above $8,700 but quickly returned to $8,500. The trading volumes have remained stable all this time, indicating a waiting mood of the participants. The Crypto Fear & Greed Index is now at the level of “fear”, having fallen from 46 pips to 38 from last week. The RSI came close to the oversold area, showing a sharp drop last week. The crypto market supported by the institutional investors who got back to work.

The crypto market has gone through a severe and very painful downturn, which may very seriously affect the medium-term prospects of the market. However, the traditional asset market has shown an even more significant decline, and the cryptocurrencies could be sold within a similar pattern together with all other risky assets.

The FxPro Analyst Team