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The bearish trend remains dominant for BTC

Feb 28, 2020 Forex News

Despite a slight recovery, Bitcoin (BTC) is still at risk. On the Bitstamp Bitcoin grew to $8613 after lowering to $8525.

However, at the time of publication Bitcoin again moved to the red zone. If the decline continues, then the next support will come at the level of $8300.

According to some traders, if Bitcoin drops below $8300, there is a high probability of a transition to a full-scale decline and even the return of the so-called “crypto winter”, since the first cryptocurrency will pull most altcoins down after it.

Since the beginning of January, the cryptocurrency market has added about 32%, however, as the negative trend continues, all its gains can quickly be reset.

Many experts pay attention to the fact that if Bitcoin makes a jump, then it can not stay on its won positions for a long time. Moreover, the cryptocurrency rollback in most cases is painful with the loss of not only recently won positions but also the fundamental values ​​from where the rally began.

According to an analyst BTC should hold above $8200. When testing this minimum, the support will increase.

In order to resume growth, Bitcoin should become an uncorrelated asset, roughly speaking, “separate from the crowd” and not depend on the dynamics of the stock market.