(MENAFN - FxPro)
Bitcoin traded above $8100 on Thursday morning, gently sliding down after a jump overnight. On Wednesday, BTCUSD rose above $8200 but did not manage to develop its growth. It is also worth noting that yesterday's jump up was accompanied by a slight increase in trade volumes, which is a signal of the predominance of positive sentiment on the markets.
Simply put, the majority of market participants choose the moment to buy. However, caution still there in the crypto market. Following the breakthrough, we saw cautious profit taking. It occurs at lower volumes, so it is unlikely to be feared that the whales withdraw capital to fiat currencies under the guise of a rally. Among the important levels for bulls is worth noting $8500 levels, where we saw increased the sale at the beginning of the month. The signal line for bears is the area near $7500, the support area of last week. Breakthrough beyond these levels can spur the movement of the crypto market in the direction of the move.
The FxPro Analyst Team