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Bitcoin Price Eyes $8,000 as Bloomberg Signals New Buying Trend

bitcoin-price-eyes-$8,000-as-bloomberg-signals-new-buying-trend
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  • Bitcoin’s price is eyeing a fast return to $8,000.
  • The largest digital currency is still on track for its worst month of 2019.
  • Bitcoin Fear & Greed Index shows investor sentiment has recovered slightly from last week’s FUD-induced selloff.

Bitcoin’s price made another move higher on Friday following one of the biggest percentage gains of the month, signaling that the worst of the recent downtrend had subsided.

The largest cryptocurrency is eyeing a fast return north of $8,000 – a move that would negate bearish calls for an extended crypto winter.

BTC/USD Eyes $8,000

Bitcoin’s trading range continued to narrow on Friday following a roller coaster start to the week. The price rose by as much as 5.8% on Bitstamp to reach $7,870.35. It was last spotted hovering around $7,740 for a gain of 4%.

Bitcoin price
Bitcoin is languishing in bear-market territory, but the worst of the downtrend could be over. | Chart: Trading View

The largest cryptocurrency rebounded more than 11% on Wednesday after breaching new six-month lows. Even with the latest recovery, bitcoin is still on track for its biggest monthly drop of the year.

At current values, bitcoin has a total market capitalization of $140.3 billion. representing a 66.7% share of the overall crypto market.

Overall, market sentiment remains weak as the price continues to trade well below the 50-day moving average. The bitcoin Fear & Greed Index is currently at 31, which denotes ‘fear.’ The index plunged to the low 20s last year as fear, uncertainty and doubt (FUD) swept the markets.

Bitcoin fear and greed index
The bitcoin Fear & Greed Index improved over the past week, but remains overwhelmingly bearish for the largest cryptocurrency. | Image: alternative.me

New Buying Trend Emerges