The week has ended with reclamation of five figure prices by bitcoin. Some of the altcoins have been marginally dragged up with it, but many including Ethereum are still looking extremely weak.
Bitcoin Back Over $10k
The past five instances bitcoin has dropped into four figures have been brief encounters. There is clearly a mass of buyers waiting in the upper $9,000 price zone to keep the digital asset from falling further. Yesterday, analysts were leaning towards a bearish stance predicting further declines, even into the $8k region.
The lowest price tapped by BTC was $9,750 according to Tradingview.com. During today’s Asian trading session it returned to $10,250 and has started to consolidate around there, currently trading at 00.
The market chop has continued and there is no sign of clear direction at the moment which makes the fear and panic totally superfluous. Yesterday the bitcoin fear and greed index dropped to its lowest level for over a year hitting 5, today it is back up to 33. Crypto warlord John McAfee called for a halt to this unnecessary panic:
Bitcoin jitters? Just stop it! Short term fluctuations are meaningless….
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Author: Martin Young