Forex and Crypto News

Bitcoin growth above $7000 gives hope for recovery

12:13 20 December /2019

On Wednesday, Bitcoin was able to rise above the $7000 mark after falling to the $6600 area. The index of fear and greed, which analyzes the emotions and sentiments of market participants, recovered after a 3-month low but continues to show that traders are still fighting. The total market capitalization of the cryptocurrency has been restored to $189 billion but is still lower than at the beginning of the trading week.

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It seems that Bitcoin intends to finish the week above the $7000 mark. And, there are several arguments why Bitcoin can start to grow.

On the third day, Bitcoin is trading above $7000, which is an important indicator. Moreover, Bitcoin is consolidating around $7150. It allowed the price to return to the price channel which began to form in early December. It is limited by lines of $7100- $7300. But the main point remains to hold Bitcoin above the $6500 mark, which provides him with strong support. Otherwise, a breakdown of this level would open the way for Bitcoin to the $5000 area.

The growth of interest of institutional investors also plays in favor of the future growth of Bitcoin. Bakkt set a new record for Bitcoin futures, trading more than 6,200 contracts.

Greyscale also notes an increase in the influx of bitcoins, which indicates that the attention of large players is riveted to Bitcoin.

Reducing the remuneration of miners will be another factor in favor of rising Bitcoin prices.

A new bull market may be just around the corner, and all Bitcoin needs to do is stay above $6500 until the end of this year to confirm this.

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12:01 17 December /2018