Local growth of the crypto market, bitcoin is trying to gain a foothold above $6700

Over the last trading session, the volume of the global cryptocurrency market increased by $16 billion from 275 to 291. A kind of tendency that is now a rarity for the digital market. On this background, the main cryptocurrencies, including bitcoin, ethereum and ripple, moved to a short-term upward rally.

Bitcoin price recovered from $6275 up to $6752, breaking the downward strategic trend line since December 2017, when bitcoin reached its historic height at around $20000.

It is still too early to conclude that a positive sentiment is returning to the crypto market, given that the market is still close to a local minimum at about $6000 for one digital coin. If bitcoin really keeps its momentum and strengthens its positive dynamics in the coming trading days fixing above $6600, a further move to the $7000 mark is quite possible.

Bitcoin remained relatively stable in the $6000 - $6300 zone for two weeks on a background of low volume. It is characteristic that all the recent bitcoin rally started from this region - $6000 - $6300.

At the same time, technical indicators and moving averages demonstrate downward signals. If bitcoin fails to hold above $6400 in the coming days, it is likely that the digital currency will continue the downward trend.

It seems that this optimistic and bullish sentiment in bitcoin coincided with the general negative market sentiment, which is now present on the world equity markets. The last bitcoin uprising momentum was amid the massive sale-off in the stocks and the investors run from risk. Given this consideration, we see that bitcoin gains at times of market bearish trend and losses when equites are gaining and overall market sentiment is positive. This tendency is typical for safe-haven assets.

FortFS