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Bit-comment: Bitcoin stabilised above 10K

Bitcoin stabilized near the values reached at the end of last week. Over the last 24 hours, the BTC rate has shown almost zero dynamics and is traded at $10,600. However, the longer the flat trend lasts, the higher the probability of further sell-offs. Investors are now closely watching the market impulses. Faith in the possibility of reaching new highs keeps bitcoins from crushing in the periods of correction. However, the scales can always lean towards pessimism.

Market participants do not expect a repeat of the previous rally dynamics but believe that now we are within the uptrend. Positive decisions of the regulators regarding the launch of instruments for institutional investors would greatly help the Bitcoin, and the entire market of cryptocurrency in general, after the first serious failures of interaction between Libra and the U.S. government.

The FxPro Analyst Team

Source: FxPro

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