The crypto market is showing a slight bit of stability, and traders are hopeful that today's Fed presser could catalyze a market-wide price rally.
. This suggests that cryptocurrency traders are focused on crypto-specific issues and are not buying on favorable macroeconomic news.
Although Saylor’s views may sound comforting to the Bitcoin bulls, they should keep in mind that MicroStrategy has a large position in Bitcoin, hence his views may be biased.Traders hate uncertainty and generally stay on the sidelines until clarity emerges. The same may happen with the cryptocurrency markets in the near term. A trending move is likely to begin only after investors sense some regulatory clarity.
The downsloping moving averages indicate that bears have the upper hand but the positive divergence on the relative strength index indicates that the selling pressure may be reducing.
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