Bitcoin received some support from buyers in the last pullback near $8,700. However, it has not yet been enough to return above $9,000. It is worth noting the further weakening of trading volumes, which fell by another 12%. Thus, the price recovery has not confirmed by the interest of the market participants. The Crypto Fear & Greed Index further plunge into the area of “fear”, having lost 11 points over the last week. The RSI for BTCUSD also shows a gradual decline towards the middle of the range.
The Block has managed to find out that over $200bn was transferred through the Tether (USDT) stablecoin network in 2019. There is no doubt that volumes will grow as demand for fast and cheap money transfers continues to rise. As fantastic as it sounds, Bitcoin developers should do something like Bitcoin Stable, as in addition to a stable price, decentralization would be an additional big plus.
The FxPro Analyst Team
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