Bitcoin: it’s all about market sentiment

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD staged the second weekly gain in a row last week and attempts to preserve the upside bias on Monday. The price has reached the $6,800 key resistance area on Sunday but still lacks the buying pressure to stage a more sustainable ascent from lows below $6,000 reached last month.

The market sentiment seems to be improving gradually due to a lack of fresh negative updates and headlines. However, it’s still not enough to open the way to a rally as there are still a lot of risks and uncertainties in the industry, while the interest from institutional investors remains too timid so far, mainly because of security and regulation issues all over the globe.

From the technical point of view, the pair needs to keep above the $6,400 intermediate support to avoid a sell-off. Despite the industry sentiment has improved over the couple of weeks, the bearish risks still persist as the digital currency remains vulnerable in the face of potential negative industry news and developments.


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