The crypto currency market is recovering

During Thursday’s trading, leading crypto-currencies, including Bitcoin, continue to recover their positions, after a significant decline for almost two months. Support for the market of crypto-currencies was provided by the report of two financial commissions for the regulation of financial services in the US before the US banking committee. The report was devoted to the issue of regulating trade in crypto-currencies, but it was not so negative as it was supposed. The rhetoric of the report was restrained and aimed at protecting consumers. It was also noted that there is no need to impede the introduction of innovations.

Technical analysis: Bitcoin’s price has risen to $ 8,332,530, which is in the 38.2 Fibonacci line at H1, while keeping the price below this level will point out to a downtrend.

Key recommendations: Sales should be considered both from the current position and from the level of $ 8,200.00, with the potential to decline to $ 7,200.00. If the price continues to rise and strengthens above $ 8,300.00, one should expect further growth of Bitcoin’s price to $ 8 700.00, $ 9 400.00.

Fig. BTC/USD. The current price is $ 7,960,300.

Alexander Sivtsov