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
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