Bitcoin’s safe haven rally starts to loose steam

Bitcoin is again trading at around $ 9,000, but indicators also suggest that the rally may be losing momentum too quickly.

The GTI Vera Band indicator indicates that the price has come out well above the upper end of the indicator, which indicates that the digital asset is in an upward trend. However, such cases in the past have led to a sharp turnover reversal, which can again reduce the BTC price to $ 8500.

Analysts say the rally was triggered by the global avoidance of risky assets due to the coronavirus from Wuhan, China, which has so far claimed the lives of 100 people.

XRP, Etherum and Bitcoin Cash follow the safe haven rally of Bitcoin, with Bloomberg Galaxy Crypto Index up 2.2%.

Source: Bloomberg Finance L.P.
Graphs: Used with permission of Bloomberg Finance L.P.

 Trader Martin Nikolov

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