Bit-comment: Bitcoin weaken after tech analysis signs

January 24, 2020 at 10:49AM

Technical analysis seems to have played a crucial role in recent Bitcoin dynamics. Closing the day on Wednesday below the 200-day average signalled a further decline, which we witnessed. During the last 24 hours, the benchmark cryptocurrency has lost another 2% and changed hands at $8.350.

The inability of the coin to stay above $9K triggered profit-taking. Now bulls hope that Bitcoin has a strong support at $8,000 – $8,200, and as we approach this range, buyers may become more active.

Altcoins duplicate the descending dynamics of the first coin, and the Bitcoin dominance index has slightly increased at 66.2%. The Bitcoin Greed and Fear index has entered the “Fear” mode at 40.

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From: The FxPro Analyst Team
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