Bitcoin keeps moving in a sideways trend. During the week, the price of the first cryptocurrency remained unchanged at the level slightly above $9K. Bitcoin-maximalists believe that this is a starting point for further growth. Bears, on the other hand, refer to the fact that the last several sideways trends ended with corrections. Almost a year ago, one of the most extended sideways trends collapsed in mid-November, when Bitcoin dropped from $6K to a minimum level just above $3K, marking an excellent opportunity for most investors to enter the market.
The attitude to what is happening may be different, but following the 50-day moving average with the activation of purchases after the decline below this level indicates that large investors are trying to create a feeling of preparation for growth. Manipulation is an integral part of the crypto market, which spoils its reputation in the traditional financial world and attracts aggressive speculators. In case of persistent attempts to convince investors of the rapid growth of the asset, one should be especially careful.
The FxPro Analyst Team