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Bitcoin bulls lack impetus

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The sentiment in the cryptocurrency industry has been fairly robust these days, with bitcoin tries to tend higher within the established channel. However, the digital currency still lacks buying interest to challenge the top of this channel at $6,800.

The BTCUSD pair keep above the $6,000 area, which is a positive sign for bulls, trying to push the coin north amid the lack of negative headlines in the industry. But this may not be enough to put bitcoin on a firm recovery path as the market needs some bullish developments, comments and signs of increasing demand from institutional investors.

Yesterday, the virtual currency failed to challenge the $6,700 area and had to retreat to $6,500. On Friday, the pair continues to move south, but the bearish impetus looks limited, at least for the time being. The short-term downside risks are still there, but there are a few intermediate support levels that could prevent the price from more aggressive losses at this stage. Moreover, the digital asset could attract buying interest at some point and get back to the $6,700-6,800 area once again.

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