In the middle of nowhere

  • Fundamental background remains supportive, but not helpful.
  • Bitcoin’s trend points downwards as the bullish momentum is losing steam.

Bitcoin has been drifting down since the beginning of the week. as the bulls have no luck with the recovery campaign launched during the previous weekend. At the time of writing, BTC/USD is changing hands at $8,570, down 2.5% on a weekly basis. Lack of upside momentum and bull’s inability to take the price above $9,000 bodes ill for bitcoin’s short-term forecasts.

The cryptocurrency universe runs its course with no fanfare and little sensations. While bitcoin and all major altcoins have been losing ground during the week, the sell-off was caused mostly by technical and speculative factors.

From the fundamental point of view,  the market continues gravitating towards the increased presence of institutional players and convergence with the traditional financial system. Recently, the Swiss banks announced thee plans to launch the cryptocurrency trading platform to close the gap between traditional banking and digital world. Initially, the bank will provide access to five cryptocurrencies, though the list of crypto instruments may be expanded in the future.

Read also: Swiss-based SEBA dives into the cryptocurrency business

CME (Chicago Mercantile Exchange) confirmed its plans to launch options on Bitcoin (BTC) futures in January 2020, thus providing the institutional investors another crypto derivative. The instrument will help the players to enhance their hedging strategies and increase their exposure in the cryptocurrency market.

Read also: CME Group Announces Launch Date of Options on Bitcoin Futures Product

Meanwhile, NEO and TRON reign the alt coin’s universe. NEO often referred to as the Chinese Ethereum, gained over 18% in recent seven days and increased by an eye-popping 72% on a month-to-month basis. Tron’s momentum was less impressive, though the coin has also gained over 25% in a month. As…

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