Five Reasons Why Bitcoin Watchers Shouldn’t Worry

Overview

Pessimistic sentiment has been looming the cryptocurrency markets as we passed the halfway mark of October. Bitcoin has been trading below the 8000 levels again and approaching the month-low levels near 7760. Although the picture may not be so bright now, however, there were some market signs perhaps could clam traders’ nerves down.

Bitcoin Tests Critical Levels

The prices of bitcoin may lookvulnerable on a daily chart, however, if we switch to the weekly chart, it seems that the leading crypto has been testing the uptrend that established since April this year, also it’s near the 100-MA in the7750 area.

(Source: FX Street)

In our past publication <A Tale of Two Assets>, we’ve reviewed that bitcoin could need a new round of rally in equities to turn the cryptocurrency form a risk-off asset to a risk-on one. Building on this narrative,we’ve seen some initial indications that the equities markets may have been improving and could…