Bitcoin: wait-and-see mode persists

Bitcoin: wait-and-see mode persists

Bitcoin / Dollar BITFINEX:BTCUSD


BTCUSD             still struggles to get back above the $7,800 area which is a barrier on the way to the $8,000 threshold. The coin has been trading within the established short-term channel which needs to be broken for a more clear direction.

Traders continue to refrain from more aggressive buying amid a lack of positive catalysts in the industry. On the other hand, a more clear regulatory status of bitcoin             compared to other digital currencies could at some stage attract more institutional and long-term investors in the market. And hopes for such a scenario keep the coin No.1 afloat at this stage. As a result, the price remains in a wait-and-see mode.

The coin has been trading with a downside bias on Friday, after a marginal recovery yesterday. In the short-term, the cryptocurrency needs to keep above the $7,500 figure in order to avoid a more aggressive sell-off from the current levels.The key medium-term support comes at $7,000.